Whether the subsidy received from the state government would form part of consideration under section 2(31) of the Central Goods and Services Tax Act, 2017 (CGST Act)?
Subsidies are not part of consideration in the ordinary and commercial sense. A subsidy is financial assistance provided by the government to promote the public good. It is not payment made by a customer for goods or services.
Whether or not the value of free of cost supplies by the principal is included in the value of supply by the job worker under the Goods and Services Tax (GST) regime?
Free of cost supplies are not part of the consideration received by the job worker for the services provided. Consideration is the price paid by the customer for the goods or services supplied. Since the principal supplies the components free of cost, the value of these components is not part of the consideration received by the job worker.
Whether the medicines, drugs, stents, consumables, and implants used in the course of providing health care services to in-patients admitted to the hospital for diagnosis, or medical treatment or procedures would be considered as a "Composite Supply" of health care services under GST and consequently can exemption under Notification No.I2/2OI7 read with. Section B(a) of GST be claimed?
The supply of medicines, drugs, stents, consumables, and implants used in the course of providing health care services to in-patients admitted to the hospital for diagnosis, or medical treatment or procedures is a composite supply of health care services and is exempt from GST under Notification No.12/2017-CTR dated 28.06.2017.
Whether the services provided by the University to its constituent colleges (viz) self-financing and management colleges relating to admission to, or conduct of examination by such institution by way of affiliation fee, registration fee such as Application form fees, Inspection fees (each course/section) are exempted from GST under Notification No.12/2017-CTR dated 28.06.2017?
The services provided by a university to its constituent colleges relating to admission to, or conduct of examination by such institution by way of affiliation fee, registration fee are not exempted from GST.
Whether the company is liable to pay Goods and Services Tax (GST) on the penal Charges that it recovers from its borrowers for late payment of EMIs?
The rule in Re: Bajaj Finance Ltd., 2019 is still being determined by the Supreme Court of India. However, there have been conflicting rulings from different courts and tribunals on the issue of whether GST is payable on penal charges recovered from borrowers for late payment of EMIs.
Whether the Central Goods and Services Tax (CGST) Act, 2017 and the Integrated Goods and Services Tax (IGST) Act, 2017 apply to ocean freight under the reverse charge mechanism (RCM) for cost, insurance, and freight (CIF) imports?
The Central Goods and Services Tax (CGST) Act, 2017 and the Integrated Goods and Services Tax (IGST) Act, 2017 do not apply to ocean freight under the reverse charge mechanism (RCM) for cost, insurance, freight (CIF) imports.