Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The CBIC clarified that under Ex-Works contracts, registered persons can claim input tax credit upon delivery of goods at the supplier's factory gate, without requiring physical receipt at their business premises. Section 16(2)(b) of CGST Act mandates "receipt" of goods for ITC eligibility, but does not specify location. The Explanation deems goods "received" when delivered to transporters on the registered person's direction. In automobile sector EXW contracts, where property transfers at OEM factory gates upon handover to transporters, dealers can claim ITC immediately rather than awaiting physical delivery. This principle applies to all EXW contracts where goods are delivered at supplier's premises and property transfers upon handover, subject to other Section 16 and 17 conditions.
The CBIC clarified that under Ex-Works contracts, registered persons can claim input tax credit upon delivery of goods at the supplier's factory gate, without requiring physical receipt at their business premises. Section 16(2)(b) of CGST Act mandates "receipt" of goods for ITC eligibility, but does not specify location. The Explanation deems goods "received" when delivered to transporters on the registered person's direction. In automobile sector EXW contracts, where property transfers at OEM factory gates upon handover to transporters, dealers can claim ITC immediately rather than awaiting physical delivery. This principle applies to all EXW contracts where goods are delivered at supplier's premises and property transfers upon handover, subject to other Section 16 and 17 conditions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
