GOVERNMENT OF GOA Department of Finance Office of the Commissioner of Commercial Taxes No. CCT/26-4/2024-25/G/1628 Subject: Clarifications regarding applicability of GST on certain services-reg. Ref .: Circular No. 228/22/2024-GST dated 15th July, 2024 issued under Central Goods and Services Tax Act, 2017 by the Tax Research Unit, Department of Revenue, Ministry of Finance, Government of India, New Delhi. Circular (No. 21/2024-25-GST) The Tax Research Unit, Central Board of ... ... ...

Processing of refund applications filed by the Canteen Stores Department is to follow central GST directions governing such claims for implementation under the Goa Goods and Services Tax Act, 2017. Those directions are adopted for State GST purposes on a mutatis mutandis basis, so that they apply with necessary adaptation within Goa's statutory framework. The adopted directions form the basis for handling these refund applications in the State GST administration.

Goa State tax rates for intra-State supplies of goods are restructured through seven schedules, applying rates from 0.125% to 20% depending on tariff classification and goods description. Schedule I covers a broad category of essential, agricultural, healthcare, renewable-energy and specified goods at 2.5%, while Schedule II covers residual and industrial goods at 9%. Separate schedules apply to specified beverages, vehicles, precious metals, stones, tobacco products and actionable claims. Customs Tariff interpretation rules apply, and related amendments revise an exemption-table rate and a schedule cross-reference. The revised framework takes effect from 22 September 2025.

Gains from shares and securities held in a distinct investment portfolio are assessable as capital gains where balance-sheet records and holding details support their investment character. High transaction volume and monitoring of market trends do not, without material proving an intention to trade, convert investments into trading stock or business assets. The transactions were treated within the capital-gains framework, including the relevant concessional-tax and exemption provisions, so the gains were chargeable as capital gains rather than business income.

Finnable has appointed Sreeram Ranganathan Iyer as a Non-Executive Nominee Director representing investor TVS Capital. The role is intended to strengthen board oversight as the non-banking financial company expands its lending operations. The identified priorities for sustainable growth include technology, compliance, governance, risk management, responsible lending, and data-driven underwriting. The nominee directorship reflects investor participation in governance and capability-building for a sustainable lending franchise.

Failure to consider an assessee's reply before passing assessment orders under Section 153C raises a breach of natural justice. High Court issued notice for final disposal and granted an ad-interim order in the challenge to those assessments. No final determination on the validity of the assessment orders is recorded, and the nature of the ad-interim relief is unspecified.

Section 12A exemption was available because the return of income and Form 10B were filed within the extended deadline applicable for assessment year 2022-23. The due date under section 139(1) had been extended to 7 November 2022 by Circular No. 20/2022. Filing both the return and Form 10B on 2 November 2022 therefore satisfied the filing requirement within the extended statutory timeframe, supporting entitlement to the exemption.

Registration of insurance business in an International Financial Services Centre is evidenced through prescribed certificates issued under the IFSCA Act, 2019, read with the Insurance Act, 1938. Form A grants registration to a named entity for specified classes of insurance business. Form B provides joint registration for a relevant foreign insurer or foreign reinsurer and its managing general agent, recognising the MGA as acting for that insurer or reinsurer in relation to scheduled business classes. Both certificates remain subject to the applicable statutory and regulatory framework.

Managing General Agents transacting insurance business in an IFSC must establish an Indian company, maintain prescribed paid-up capital, and provide regulatory and operational assistance to the represented foreign insurer or foreign re-insurer. Business may be conducted only where the foreign principal authorises acceptance of legal process and undertakes responsibility for claims. A binding agreement must define underwriting and claims authority, business operations, staffing, financial information, professional indemnity, classes of business and compliance arrangements. MGAs must identify themselves as representatives rather than insurers.

Members of Lloyd's may transact insurance business from Lloyd's IFSC only through registered Service Companies, with those companies authorised to accept notices and legal processes. Policyholders must have recourse to the Chain of Security on terms comparable to relevant London general business policies. Service Companies must be registered, identify represented syndicates, meet incorporation and capital requirements, undertake statutory and regulatory compliance, operate under delegated underwriting authority, disclose that they act for syndicates rather than as insurers, and may face cancellation for specified non-compliance or misconduct.

Registration as an IIO requires use of the prescribed application form for Indian insurers or re-insurers, foreign insurers or re-insurers, joint MGA and foreign insurer or re-insurer applicants, or specified corporate and co-operative applicants. Applications require corporate, capital, ownership, governance, proposed-office, regulatory-approval, solvency, business-strategy and financial-projection disclosures, supported by specified resolutions, certificates, reports and annexures. Foreign and joint applicants must provide home-country regulatory, authorization, credit-rating, assigned-capital and reinsurance information. Applicants must certify the accuracy of facts and reasonableness of projections; non-English materials require certified English translations.

FORM GSTR-1 filing deadlines for reporting outward supplies are extended for specified Goa GST registered persons. Taxpayers required to furnish monthly returns for the December 2024 tax period may furnish FORM GSTR-1 up to 13 January 2025. Taxpayers required to furnish quarterly returns for the October-December 2024 tax period may furnish FORM GSTR-1 up to 15 January 2025. The extension is deemed effective from 10 January 2025.

Regulation 22 repeals the specified insurance business guideline governing International Financial Services Centres from publication of the Registration of Insurance Business Regulations, 2021 in the Official Gazette. Actions taken under the repealed guideline are preserved and deemed to have been taken under corresponding provisions. An Insurance Office operating in an International Financial Services Centre before notification must meet any additional requirements within three months, subject to an extension permitted by the Authority.

Surrender of Certificate of Registration for closure of an Insurance Intermediary Office (IIO) is permissible only with prior approval of the Authority and subject to conditions specified by the Authority.

Disciplinary action may be taken against an IIO whose operations fail to comply with applicable legal requirements or whose activities are adverse to the insurance market or public interest. Available measures include suspension or cancellation of the certificate of registration, after allowing the IIO an opportunity to make submissions. Other appropriate action may also be taken under applicable laws.

The Authority may inspect or investigate the affairs of an International Financial Services Centre Insurance Office and call for relevant information from the IIO, its employees and an applicant. These powers extend only to information relating to the entity's activities as an IIO.

Regulation 18 empowers the Authority to issue guidelines or circulars specifying norms, procedures, processes and manners for implementing the regulations and incidental matters. It may issue clarifications and grant relaxations considered fit to facilitate and regulate insurance and reinsurance-related financial services within an IFSC.

Insurance International Offices must continuously satisfy applicable capital, solvency, governance and compliance conditions. Assigned capital must be maintained in freely convertible foreign currency and, for relevant branches and places of business, held and invested under home-country regulatory requirements. Solvency backing assets must remain unencumbered, supported by quarterly actuarial certification. IIOs must commence approved business within the prescribed period, appoint resident and fit-and-proper officers or key managerial personnel, maintain records, meet KYC and AML obligations, report operational information and financial data as required, and comply with shareholding approval and prudential requirements.

Public charitable trusts whose trustees or members have no entitlement to a share of income are not subject to the maximum marginal rate merely because their shares are indeterminate or unknown. The rule for indeterminate member shares applies to associations of persons or bodies of individuals, but CBDT clarification treats charitable or religious trusts without beneficiary income rights as taxable at normal association-of-persons rates. Accordingly, a public charitable trust not registered under section 12A is assessable at normal rates rather than the maximum marginal rate; where its income remains below the basic exemption limit, no tax is payable.

An IIO may provide other insurance- or reinsurance-business-related services specified by the Authority only after obtaining prior approval. The approval is subject to conditions specified by the Authority.