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GST - Highlights / Catch Notes

Home Highlights August 2018 Year 2018 This

Levy of GST - diamonds - e-units - The derivative contracts in ...

GST

August 17, 2018

Levy of GST - diamonds - e-units - The derivative contracts in e-Units and settlement thereof would be treated as transactions in securities in case it involves only e-Units without any involvement of physical diamonds and thereby would remain out of the scope of levy under GST.

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  1. Levy of GST - Supply or not - The conversion of e-Units into diamonds would constitute a supply of diamonds liable to tax under the Goods and Services Tax Act.

  2. Revision in Haircut on Central Government Securities (G-Sec) accepted as Collateral

  3. Classification of product - rate of tax - Energy-G premium oil - Correct HSN Code of "Energy-G premium Oil" is HSN 1518

  4. CENVAT credit - t credit cannot be availed on the capital goods received before the service became taxable under the Finance Act, 1994 - AT

  5. Abatement of value of material - N/N. 12/2003-ST dated 20th June 2003 - discharge of VAT liability would preclude the levy of service tax on the value of those goods

  6. Refund of Service Tax - input services used for export of goods - service tax paid by MIAPL is under category which was not classified under Notification 17/2009-ST -...

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  8. Levy of Entertainment tax - Valuation - consideration towards the services excluding the service tax component or on both - No proof is available on records to show that...

  9. Input tax credit - GST paid for hotel stay in case of rent free hotel accommodation provided to employees of the Applicant - ITC is not available in view of section 17(5)(g)

  10. Job Work - Ntf No. 8/2005-S.T. - for claiming or denying the benefit of the notification, the assessee should be held to have provided the taxable service - Stay granted - AT

 

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