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

AAR KARNATAKA has held that Concessional CGST rate of 0.75% available to promoter in terms of entry at S. No. 3(i) of Notification No. 11/2017-CT(R) is not available to sub-contractors engaged by the promoter Entry only extends the benefit to promoter in respect of the construction of affordable residential apartments  - Om Construction Company, In re - [2022] 139  taxmann.com  417 (AAR - KARNATAKA) -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

The DGFT has issued  Trade Notice No. 12/2022-23, dated May 30, 2022    to provide that the exporting firms who have been issued scrips under RoSCTL Scheme for exports/shipping bills upto 31.03.2020 shall upload electronic Bank Realisation Certificate ('e-BRCs') at the DGFT server on or before 15.07.2022.  As, the rebate under RoSCTL Scheme is subject to the receipt of export proceeds within the time allowed under the FEMA regulations. The DGFT has also clarified that if the exporter fails to comply with the said requirement, an action would be initiated by the jurisdictional Regional Authorities in accordance with the recovery mechanism provided under Para 4.96 of HBP -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

Supreme Court has pronounced its judgment in the matter of Mohit Minerals (Ocean Freight matter).  While upholding the judgment of Gujarat High Court, the Supreme Court has held that recommendations of GST Council are only recommendatory and not binding on Union and State.  To summarise the Hon'ble Apex Court has ruled that GST is not leviable on ocean freight. CA Yashu Goel