N K GOEL AND BROS.

NOTIFICATION NO. 16/2015-20, DATED 01-07-2022 Editorial Note :  The exemption of IGST and Compensation Cess on import of goods under Advance Authorisation, EPCG and EOU has been extended without any time restrictions. The corresponding amendment is made under FTP 2015-20 under Para 4, 5 and 6 to provide for exemption from IGST and Compensation cess on imports under the above specified export incentive schemes. -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

GST : Activity of entertaining complaints filed by any person who has grievance against the insurer and deciding such complaints after listening to parties is in the nature of service; Activity undertaken by Ombudsman qualifies as supply of service GST : Funds received from Life Insurance and General Insurance Councils qualify as consideration in terms of the definition given under Section 2(31) of CGST Act; Any payment made by 'any other person' other than recipient is also consideration for supply GST : Exemption is not available to services rendered by Ombudsman as they do not specifically fall under Notification No. 12/2017-Central Tax (Rate) ■■■ [2022] 140 taxmann.com 60 (AAR - MAHARASHTRA) AUTHORITY FOR ADVANCE RULINGS, MAHARASHTRA Executive Council of Insurers,  In re -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

Services rendered by bank, by way of extending loan on credit card to petitioner amounts to credit card services and Interest component of EMI of said loan is not exempted from GST   -  Ramesh Kumar Patodia v. Citi Bank NA - [2022] 140  taxmann.com  63 (Calcutta) -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM