Invoice-based recovery claims remain time-barred despite separate winding-up proceedings, absent valid acknowledgment or part-payment of the disputed ...
CBIC clarified that transactions in vouchers, whether recognized as pre-paid instruments by RBI or not, are neither supply of goods nor services. Trading of vouchers on principal-to-principal basis is not leviable to GST. However, commission/fee earned by agents for distribution is taxable service. Additional services like advertising, marketing etc. provided to voucher issuer are taxable supplies. Unredeemed vouchers (breakage) are not taxable as there is no underlying supply.
CBIC clarified that transactions in vouchers, whether recognized as pre-paid instruments by RBI or not, are neither supply of goods nor services. Trading of vouchers on principal-to-principal basis is not leviable to GST. However, commission/fee earned by agents for distribution is taxable service. Additional services like advertising, marketing etc. provided to voucher issuer are taxable supplies. Unredeemed vouchers (breakage) are not taxable as there is no underlying supply.
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