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2019 (8) TMI 1213 - AUTHORITY FOR ADVANCE RULING, GUJARATSupply or not - Refundable Interest Free Deposit received - whether refundable interest free deposit can be considered as “Consideration” for the services provided by RNSB to their demat account holders? - HELD THAT:- From the definition of Consideration under Section 2(31) of CGST & GGST Act, 2017, it can be said that deposit is excluded from definition of the consideration by the provisio to Section 2(31) of CGST & GGST Act, 2017 - However, the notional interest/monetary value of the act of providing refundable interest free deposit will be considered as consideration. Whether the amount of ₹ 2500/- being Refundable interest free deposit, which allows depositor some benefits, would attract GST? - HELD THAT:- It appears that the amount of ₹ 2500/- will not attract the GST being the deposit Unless the supplier applies such deposit as consideration. However the monetary value of the act of providing this deposit of ₹ 2500/- will attract GST. Value of taxable supply - Whether first 10 free transactions subject to maximum of rupees 5 Lakh allowed to the Demat account holder depositing Refundable interest free deposit would attract GST? - HELD THAT:- The first 10 free transaction allowed to the demat account holders are in the nature of discount and will not attract GST subject to the fulfillment of the conditions prescribed under Section 15(3) of the CGST & GGST Act.
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