CBIC issued 16 crucial circulars dated 26th June 2024 under the Goods and Services Tax (GST) regime, aimed at clarifying various aspects of the tax law and ensuring smoother compliance.
Here's a comprehensive overview of each circular
| Circular Number | Date | Subject |
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26th June 2024 |
Reduction of Government Litigation - fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court |
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26th June 2024 |
Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities. |
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26th June 2024 |
Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply |
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26th June 2024 |
Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. |
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26th June 2024 |
Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons. |
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26th June 2024 |
Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers |
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26th June 2024 |
Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees. |
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26th June 2024 |
Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value |
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26th June 2024 |
Clarification on taxability of wreck and salvage values in motor insurance claims. |
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26th June 2024 |
Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023 |
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26th June 2024 |
Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement. |
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26th June 2024 |
Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person. |
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26th June 2024 |
Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017 |
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26th June 2024 |
Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors |
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26th June 2024 |
Time of supply on Annuity Payments under HAM Projects |
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26th June 2024 |
Time of supply in respect of supply of allotment of Spectrum to Telecom companies in cases where an option is given to the Telecom Companies for payment of licence fee and Spectrum usage charges in instalments in addition to an option of upfront payment. |
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