GST Council updates cover tribunal appointments, guarantee valuation rules, ISD credit distribution, appeal condonation, ENA and rate changes. The Council approved amendments aligning GST Appellate Tribunal appointments with Tribunal Reforms, clarified taxability and valuation for personal and corporate guarantees (treating gratuitous personal guarantees as zero value unless remuneration is paid and deeming corporate guarantee value at 1% of guaranteed amount or actual consideration), established a one time condonation procedure for delayed appeals subject to pre deposit, mandated mandatory ISD registration and detailed distribution rules for input tax credit (including RCM service credits), issued place of supply and export receipt clarifications (including Vostro INR receipts) and prospectively narrowed inverted duty refund restriction to constructions intended for sale; multiple Fitment Committee rate and procedural changes were also approved.
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GST Council updates cover tribunal appointments, guarantee valuation rules, ISD credit distribution, appeal condonation, ENA and rate changes.
The Council approved amendments aligning GST Appellate Tribunal appointments with Tribunal Reforms, clarified taxability and valuation for personal and corporate guarantees (treating gratuitous personal guarantees as zero value unless remuneration is paid and deeming corporate guarantee value at 1% of guaranteed amount or actual consideration), established a one time condonation procedure for delayed appeals subject to pre deposit, mandated mandatory ISD registration and detailed distribution rules for input tax credit (including RCM service credits), issued place of supply and export receipt clarifications (including Vostro INR receipts) and prospectively narrowed inverted duty refund restriction to constructions intended for sale; multiple Fitment Committee rate and procedural changes were also approved.
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