The Government issues Important clarification on the time of supply of services of spectrum usage and other similar services under GST
On July 9, 2024, the Government of Rajasthan clarified the time of supply for spectrum usage and similar services under GST:
GST Payment Timing
Reverse Charge Supply
Natural Resource Allocation: Similar time of supply rules apply to government allocations of natural resources with upfront or deferred payments, considered continuous supply under the CGST Act.
The Government of Rajasthan issues Important clarification on the taxability of salvage/wreck value
On July 9, 2024, the Government of Rajasthan clarified the taxability of salvage/wreck value in motor vehicle damage claims:
GST on Vehicle Insurance Services
Salvage Value Deduction
Salvage as Property
West Bengal Governments New GST Amendment
On July 16, 2024, the Government of West Bengal revised the minimum wages for employees in 30 scheduled employments. The updated rates will be effective from July 1, 2024, to December 31, 2024.
Haryana Government Issues New GST Amendment
On July 15, 2024, the Government of Haryana amended notification No.36/ST-2, dated June 30, 2017, regarding agricultural farm produce under GST. The update clarifies that packages of agricultural produce larger than 25 kilograms or 25 liters will not be considered “pre-packaged and labelled” for GST purposes.
Government Of Bihar Issues New GST Notification
On July 15, 2024, the Government of Bihar amended notification No.2/2017-State Tax (Rate), dated June 29, 2017. The amendment states that agricultural produce packaged in quantities greater than 25 kilograms or 25 liters will not be considered “pre-packaged and labelled” under GST rules.
Maharashtra Government Clarifies GST Time of Supply for Spectrum Services
The CBIC issued a circular clarifying that the same guidelines from the June 26, 2024, circular on GST payment timing for spectrum allocation services will apply to the Maharashtra Goods and Service Tax (MGST) Act of 2017. This applies to cases where telecom operators choose to make payments in installments under the Deferred Payment Option as per the Frequency Assignment Letter (FAL) from the Department of Telecommunications.
Maharashtra provides clarity on Tax Rules on Overseas Loans
The CBIC circular confirms that the clarifications provided on June 26, 2024, regarding GST applicability on loan transactions between related parties or from an overseas affiliate to an Indian entity, where payment is made only through interest or discount, will also apply to the Maharashtra Goods and Service Tax (MGST) Act of 2017.
Andhra Pradesh Extends Deadline for March 2024 GSTR-1 Filing
In accordance with the delegated authority conferred by the second proviso, in conjunction with Section 168 of the Andhra Pradesh Goods and Services Tax Act, 2017 (Act No. 16 of 2017), the Government of Andhra Pradesh, upon the counsel of the Goods and Services Tax Council, has introduced a significant amendment to the notification issued in G.O.Ms. No. 126, Revenue (CT-II) Department, dated June 15, 2021.
Exploring the Impact of Kerala’s Amendment to GST Act on Online Gaming Industry
In a move to adapt to the evolving landscape of digital transactions and online activities, the Governor of Kerala promulgated the Kerala State Goods and Services Tax (Amendment) Ordinance, 2023. This ordinance introduces crucial amendments to the Kerala State Goods and Services Tax Act, 2017, aimed at regulating the burgeoning sector of online gaming, particularly online money gaming.
CBDT clarifications regarding ITR filings
Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income up to Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.
