Activity undertaken by Insurance Ombudsman qualifies as supply of service

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)

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[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

Comments

CBDT Instruction No 5/2014 dated 10.07.2014

Dear Members, The Hon'ble CBDT has issued Instruction No 5/2014 dated 10.07.2014 , by which the monetary limits for filing appeals to ITAT / HIGH COURT / SUPREME COURT have been revised. The New limits are: Tax effect Appeal before ITAT Rs. 4,00,000/- High Court Rs. 10,00,000/- Supreme Court Rs. 25,00,000/- Copy of Instruction is attached for your information.

DUE DATE FOR FILING INCOME TAX RETURNS EXTENDED

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GST - Electronic invoicing (E Invoicing) made mandatory

E-invoice has been made mandatory for taxpayers having turnover exceeding 10 crores from 1st October, 2022: Notification 17/2022 Central Tax dtd 01/08/2022 It implies that any registered person whose aggregate turnover in any preceding financial year from FY 2017-18 onwards has exceeded Rs 10 Crore shall issue E-invoice w.e.f 1st October 2022 . -- CA Yashu Goel 9899263490 M/s N.K. Goel & Bros. Chartered Accountants www.TaxingNarad.COM

N K GOEL AND BROS.

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