The service of operating mini AC buses would classify under Heading No. 9966 & taxable at 12% Service of operating mini AC buses by applicant for Brihan Mumbai Electricity Supply Transport Undertaking (BEST) would not be exempt from payment of GST. It is covered under Heading No. 9966 i.e. 'servRead more
The service of operating mini AC buses would classify under Heading No. 9966 & taxable at 12%
Service of operating mini AC buses by applicant for Brihan Mumbai Electricity Supply Transport Undertaking (BEST) would not be exempt from payment of GST.
It is covered under Heading No. 9966 i.e. ‘services by way of giving on hire to a state transport undertaking a motor vehicle meant to carry more than twelve passengers’ in terms of Notification No. 12/2017-CT(R), dated 28-6-2017.
Said case is clearly covered by Sl. No. 10 of Notification No. 11/2017-CT (Rate), dated 28-6-2017 in as much as there is a Rental services of transport vehicles with or without operators and therefore for period up to 13-10-2017, applicant’s activity would attract GST at rate of 18 per cent and after Sl. No. 10 has been amended w.e.f. 13-10-2017, applicant will have to pay GST at rate of 12 per cent
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Yes, GST applicable on delayed charges recovered from client by a stock broker. UP - Authority on Advance ruling has made it clear that Charges on delayed payment of amount towards trading of securities are taxable under GST. Applicant is engaged primarily in business of providing services of stockRead more
Yes, GST applicable on delayed charges recovered from client by a stock broker.
UP – Authority on Advance ruling has made it clear that Charges on delayed payment of amount towards trading of securities are taxable under GST.
Applicant is engaged primarily in business of providing services of stock broking i.e. purchasing and selling of shares on behalf of clients on exchange platform by virtue of being a recognized BSE/NSE appointed stock broker- Applicant is seeking advance ruling as regards taxability on delayed payments charges on reimbursement of amount by client to applicant, where client failed to pay amount paid to Stock Exchanges for purchase of securities with T+1 (Trading day plus one day) under SEBI Regulation norms and deducted by Stock Exchange from applicant’s account being purchase consideration of securities which are neither goods nor services under GST.
According to Section 15 of the Central Goods and Services Tax Act, 2017/Section 15 of the Uttar Pradesh Goods and Services Tax Act, 2017Â the service is Taxable supply.
UP AAR held that delayed payment charges squarely get covered under GST for purpose of taxation.
UP AAR held that applicant is regularly providing services of ‘trading of securities on behalf of customers’ which is a supply of services on which applicant is admittedly paying GST and delayed payments charges are also linked to said services of ‘trading of securities on behalf of customers’ and GST on same shall be payable in view of section 15(2)(d). Thus, applicant is liable to pay GST on delayed payment of charges which are overdue from client towards trading of securities and reimbursed to it.
SPFL Securities Ltd., In re
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