Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
Guarantee commission paid by a State undertaking to the State government for guarantees on bonds falls within the exemption under Entry No. 34A of Notification No. 12/2017-Central Tax (Rate), as amended, and is therefore not subject to GST. The Authority relied on the statutory entry's language and the CBIC clarification (Circular No. 154/10/2021) to construe the scope of exempted services, concluding that consideration received by the State for guaranteeing loans or debentures qualifies for exemption; consequently the commission payable for the guarantees is exempt from GST.
Guarantee commission paid by a State undertaking to the State government for guarantees on bonds falls within the exemption under Entry No. 34A of Notification No. 12/2017-Central Tax (Rate), as amended, and is therefore not subject to GST. The Authority relied on the statutory entry's language and the CBIC clarification (Circular No. 154/10/2021) to construe the scope of exempted services, concluding that consideration received by the State for guaranteeing loans or debentures qualifies for exemption; consequently the commission payable for the guarantees is exempt from GST.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
