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GST Amendments as recommended in 47th GST Council Meeting
Council Meetings
CA. Sachin Jindal

GST Amendments as recommended in 47th GST Council Meeting

47th GST Council meeting held on 28th June and 29th June 2022, GST Council recommended various amendments in GST Rate on goods and services to streamline GST refund due to inverted duty structure, removed various exemptions on goods and services, suggested changes to facility smooth trade operations. To give effect to GST amendments suggested by GST Council, CBIC has issued various notifications and circulars.

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Service provided by subsidiary/ sister concern/ group concern located in India to Foreign Company located outside India is considered as Export of services
Exports of Goods and Services
CA. Sachin Jindal

Service provided by subsidiary/ sister concern/ group concern located in India to Foreign Company located outside India is considered as Export

A lot of benefits are provided for “Export” of goods or services. However, various conditions are required to be fulfilled to qualify a transaction as “Export”. Similarly, to qualify a supply of service as “Export of service”, five conditions are provided under Section 2(6) of IGST Act, 2017.  However, one of the conditions given in clause (v) of Section 2(6) of IGST Act is always covered with lots of ambiguity. Considering the representations received, GST Council in 45th GST Council meeting recommended CBIC to issue necessary clarification around condition (v) of Section 2(6) of IGST Act, 2017. Therefore, CBIC issued

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Clarification on Scope of “Intermediary” under GST
Council Meetings
CA. Kapil Mittal

Clarification on Scope of “Intermediary” under GST

The GST council received various representations to clarify scope of “Intermediary” service and therefore, in the 45th GST Council meeting, the GST council recommended CBIC to issue the necessary clarifications to resolve this matter to the extent possible.

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45th GST Council Meeting| GST Update
Council Meetings
CA. Sachin Jindal

Briefing on 45th GST Council Meeting| GST Update

The GST Council met for the 45th Time on 17th September 2021 under chairmanship of the Hon’ble Finance Minister. In the 45th GST Council meeting, Major decisions were taken around the revision of GST rates on various goods such as COVID-related medicines, Paper Products, Waste of plastic, etc., and various other services also. Recommendations are also made around streamlining compliance under GST.

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Recommendations of the 42nd GST council meeting
Council Meetings
CA. Sachin Jindal

Recommendations of the 42nd GST council meeting

The Ministry of Finance released a Press release on the 5th October, informing about the recommendations made in the 42nd GST council meeting via video conferencing. The meeting was led by the Finance Minister Shrimati Nirmala Sithraman and the finance ministers of all the states and UTs associated with it.

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