REGULATORY
5% GST Applicable On Job Work For Processing Of “Barley” Into “Malted Barley”: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that 5% GST is applicable on job work for processing of “barley” into “malted barley”.The Board has issued the clarification in respect of the recommendations of the GST Council in its 52nd meeting held on October 7, 2023, in New Delhi with reference to the GST levy.The issue raised was whether job work for processing “Barley” into “Malted Barley” attracts 5% GST as applicable to "job work in relation to food and food products”...
GST Council Recommends Conditional Duration IGST Exemption To Foreign Flag Foreign Going Vessel When It Converts To Coastal Run
The GST Council recommends conditional and limited duration IGST exemption to foreign flag foreign going vessels when it converts to coastal run.Foreign-going vessels are liable to pay 5% IGST on the value of the vessel if it converts to a coastal run.GST Council recommends conditional IGST exemption to foreign flag foreign going vessel when it converts to coastal run subject to its reconversion to foreign going vessel in six months.Click Here To Read The Press Release
52nd GST Council Meet: Nil GST Rate For Food Preparation Of Millet Flour In Powder Form
The GST Council recommended nil rate for food preparation of millet flour in powder form and containing at least 70% millets by weight when sold in loose form.GST rates on “Food preparation of millet flour in powder form, containing at least 70% millet by weight”, falling under HS 1901, with effect from the date of notification. 0% if sold in other than pre-packaged and labelled form and 5% if sold in pre-packaged and labelled form."The GST Council want to participate in the Year of Millets. In...
GST Council Recommends To Keep ENA Used For Manufacturing Alcoholic Liquor For Human Consumption Outside GST
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommended keeping Extra Neutral Alcohol (ENA) used for the manufacture of alcoholic liquor for human consumption outside GST.The Law Committee will examine suitable amendments in law to exclude ENA for use in the manufacture of alcoholic liquors for human consumption from the ambit of GST.To reduce GST on molasses from 28% to 5%. This step will increase liquidity...
GST Council Recommends Reducing GST On Molasses From 28% to 5% In Relief To Cane Farmers For Faster Clearance Of Dues And To Reduce Cost Of Manufacturing Cattle Feed
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommends reducing GST on molasses from 28% to 5% in relief to cane farmers for faster clearance of dues and to reduce the cost of manufacturing cattle feed.Reducing GST on molasses from 28% to 5% will increase liquidity with mills and enable faster clearance of cane dues to sugarcane farmers. This will also lead to a reduction in cost for the manufacture of cattle...
52nd GST Council Recommends Amendments In Conditions Of Appointment Of President And Member Of Proposed GST Appellate Tribunals
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman is in New Delhi today.The council recommended the amendments in conditions of appointment of president and member of proposed GST Appellate Tribunals.The Council has recommended amendments in section 110 of the CGST Act, 2017 to provide that an advocate for ten years with substantial experience in litigation under indirect tax laws in the Appellate Tribunal, Central...
IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations
The Insolvency and Bankruptcy Board of India (“IBBI”) has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4(2)(b) of IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”). Brief background Regulation 4 of Liquidation Regulations provides for Liquidator’s fee. Regulation 4(1) and 4(1A) provide that the fee payable to the liquidator be decided by the Committee of Creditors (CoC) or...
IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (“IP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 20.09.2023 the IBBI issued a Press Release, summarizing the amendments. The key amendments are as under: Introduction of a unified enrolment and registration application form to enable...
IBBI Amends ‘Model Bye Laws of Insolvency Professional Agencies Regulations’ w.e.f. 18th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Model ByeLaws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. The amendments are effective from 18.09.2023. The key changes are as under: An individual or an Insolvency Professional Entity (IPE) may apply for enrolment as a professional member by submitting an application in Part – I of...
IBBI Introduces Amendments To CIRP Regulations W.E.F. 18th September 2023
The Insolvency and Bankruptcy Board of India (“IBBI”) vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The amendments are effective from 18.09.2023. Thereafter, on 19.09.2023 the IBBI issued a Press Release, summarizing the amendments as under: To facilitate smooth conduct of Corporate Insolvency Resolution Process (“CIRP”),...
CBIC Notifies Procedure When Provisional Attachment Of Property Ceases To Have Effect
The Central Board of Indirect Taxes and Customs (CBIC) has notified the procedure to be followed with respect to section 83(2) of the CGST Act, 2017 when provisional attachment of property ceases to have effect.“Keeping in view the convenience of taxpayers, the Board prescribes the procedure that in such types of situations, the Commissioner shall issue communication/an intimation to the concerned authority/bank, drawing attention to the particulars of the Order/Form DRC-22 (which made the...
28% GST On Online Gaming: 51st GST Council Recommends Laws To Provide Clarity
The 51st GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman via video conferencing in New Delhi.The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.The GST Council in the 50th meeting had deliberated on the Second Report of the Group of Ministers (GoM) on Casinos,...