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Vishnu Daya & Co LLP > Newsletter (Page 3)

GST Update – Update on Clarifications issued by CBIC

CBIC has issued various circulars clarifying various aspects accordance with the announcement made by the GST Council in the 52nd Meeting. This alert contains the summary of the clarifications issued by the CBIC. Following points have been clarified by the CBIC: • Realisation of export consideration in INR • Clarification on place of supply in case of transportation services, services related to advertising sector and co-location/hosting services. • Clarification regarding GST rate on imitation zari thread or yarn • Clarification related to renting of motor vehicle services, recovery of electricity by the landowners from the tenants, job work related to ‘Barley’, services provided by District Mineral Foundation...

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GST Update – GST Applicability on Corporate Guarantee

Pursuant to the decision taken in the 52nd GST Council meeting, the following amendment notification and clarifications have been issued by the CBIC with regard to the personal guarantee given by the directors and corporate guarantee given by the body corporates: 1. Amendment to Rule 28: (2) Notwithstanding anything contained in sub-rule (1), the value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of...

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Due Date for Payment of 2nd Instalment of Advance Tax is 15th September 2023 for AY 2024-25

This is to bring to your kind attention that the due date for payment of 2nd instalment of advance tax for the financial year 2023-24 is 15.09.2023. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 31st March 2024 (4th Quarter) and hence no requirement of making payment in instalments. Kindly let us know for any help or clarifications in this regard. ...

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IEC Updating requirement _ Notification 58/2015-2020

Please note that the DGFT has issued a notification with respect to ‘requirement for renewal of IEC’ each year. Accordingly, An IEC holder has to ensure that the details in its IEC is updated electronically every year, during April-June period. In cases where there are no changes in IEC details, the same need to be confirmed by the IEC holder online. Further, please note that if the IEC is not updated/confirmed that there are no changes within the above time line, such IEC shall be de-activated by the DGFT. Further such deactivated IEC may be activated with penalty. In case...

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