Quick Summary
In the recent circulars issued pursuant to 53rd and 54th GST council meeting wherein CBIC based on the recommendation of GST Council has clarified upon applicability of tax rate/classification or exemptions available in case of specified goods or services. For the period prior to issuance of said cl
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FAQ :
It means that the tax position taken by a taxpayer for past transactions, such as paying a lower rate or claiming an exemption, will be accepted as the final tax liability for that period, without requiring payment of differential tax or granting refunds for higher amounts paid.
No, refunds of tax paid at a higher rate will not be granted under the 'as is, where is' regularization.
If you paid the lower rate or a nil rate in a situation with two competing rates, it will be considered as full discharge of tax liability for the regularised period.
No, the regularization does not apply to cases where no tax was paid. In such situations, the applicable tax will still need to be recovered.
The clarification covers various transactions including firewater sprinklers, co-insurance premiums, re-insurance commissions, GST on re-insurance services, and import of services by foreign airlines.
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