Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
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The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness.
The Circular addresses the mechanism for verifying compliance with Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers offering discounts through tax credit notes post-supply. It clarifies that such discounts can be excluded from taxable value if conditions are met, including the recipient's reversal of input tax credit. As no portal functionality exists for verification, suppliers may obtain a certificate from recipients, issued by a Chartered Accountant or Cost Accountant, confirming the reversal. For discounts under Rs 5,00,000, an undertaking from the recipient suffices. These certificates/undertakings serve as evidence for compliance and must be produced when required by tax authorities. Trade notices should disseminate this Circular's content for awareness.
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