The Central Board of Indirect Taxes and Customs ( CBIC ) has released 16 circulars providing clarifications on various aspects of the Goods and Services Tax ( GST ) system, following the GST Council Meeting held for the 53rd time at New Delhi last Saturday.
Read More: 53rd GST Council Meeting: Know the Decisions in Detail
Key highlights from the circulars include:
Circular No. 207: Establishes monetary limits for the Department to file appeals or applications before the GST Appellate Tribunal (GSTAT), High Courts, and the Supreme Court.
Circular No. 208: Offers clarifications on special procedures for manufacturers of specified commodities.
Circular No. 209: Explains the provisions related to the place of supply under clause (ca) of Section 10(1) of the Integrated Goods and Services Tax Act, 2017.
Circular No. 210: Addresses the valuation of supply for import of services by related persons where the recipient is eligible for full input tax credit.
Circular No. 211: Provides clarity on the time limit under Section 16(4) of the Central Goods and Services Tax (CGST) Act, 2017, for supplies received from unregistered persons under the Reverse Charge Mechanism (RCM).
Circular No. 212: Details the mechanism for providing evidence of compliance with conditions of Section 15(3)(b)(ii) of the CGST Act, 2017, by suppliers.
Circular No. 213: Clarifies the taxability of the reimbursement of securities or shares provided to employees as part of Stock Option Plans ( SOPs ), Employee Stock Purchase Plans (ESPPs), or Restricted Stock Units ( RSUs ).
Circular No. 214: Discusses the requirement for reversal of input tax credit concerning the portion of the premium for life insurance policies not included in the taxable value.
Circular No. 215: Clarifies the taxability of wreck and salvage values in motor insurance claims.
Circular No. 216: Further elaborates on GST liability and input tax credit availability in cases involving warranties and extended warranties, supplementing Circular No. 195/07/2023-GST dated July 17, 2023.
Circular No. 217: Details the entitlement of input tax credit for insurance companies on expenses incurred for repairing motor vehicles under reimbursement insurance claim settlements.
Circular No. 218: Addresses the taxability of loans provided by an overseas affiliate to its Indian counterpart or by a person to a related person.
Circular No. 219: Discusses the availability of input tax credit on ducts and manholes used in optical fiber cable (OFC) networks under Section 17(5) of the CGST Act, 2017.
Circular No. 220: Clarifies the place of supply for custodial services provided by banks to Foreign Portfolio Investors.
Circular No. 221: Defines the time of supply for annuity payments under Hybrid Annuity Model (HAM) projects.
Circular No. 222: Specifies the time of supply for the allocation of spectrum to telecom companies.
These circulars are intended for taxpayers, professionals and the department officials, giving much required clarity on disputed issues.
Stay Tuned for detailed stories on each circular, on taxscan.in.
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