Ministry of Finance issued 16 GST circulars dated 26/06/2024

Here are the details of the 16 circulars issued by the Ministry of Finance under GST on June 26, 2024:

1. Circular No. 207: Fixes monetary limits for filing appeals or applications by the Department before GSTAT, High Courts, and Supreme Court.
2. Circular No. 208: Provides clarifications on various issues pertaining to special procedures for manufacturers of specified commodities.
3. Circular No. 209: Clarifies the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017, relating to the place of supply.
4. Circular No. 210: Offers clarification on the valuation of supply of import services by a related person where the recipient is eligible for full input tax credit.
5. Circular No. 211: Clarifies the time limit under Section 16(4) of the CGST Act, 2017, concerning RCM supplies received from unregistered persons.
6. Circular No. 212: Details the mechanism for providing evidence of compliance with conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by suppliers.
7. Circular No. 213: Seeks clarity on the taxability of reimbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees.
8. Circular No. 214: Clarifies the requirement of reversal of input tax credit concerning the portion of the premium for life insurance policies not included in taxable value.
9. Circular No. 215: Provides clarification on the taxability of wreck and salvage values in motor insurance claims.
10. Circular No. 216: Clarifies GST liability and input tax credit (ITC) availability in cases involving warranty/extended warranty, in furtherance of Circular No. 195/07/2023-GST dated 17.07.2023.
11. Circular No. 217: Discusses the entitlement of ITC by insurance companies on expenses incurred for motor vehicle repairs in reimbursement mode of insurance claim settlement.
12. Circular No. 218: Clarifies the taxability of transactions involving providing loans by an overseas affiliate to its Indian affiliate or by a person to a related person.
13. Circular No. 219: Provides clarification on the availability of input tax credit on ducts and manholes used in the network of optical fiber cables (OFCs) per section 17(5) of the CGST Act, 2017.
14. Circular No. 220: Clarifies the place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors.
15. Circular No. 221: Details the time of supply on annuity payments under HAM projects.
16. Circular No. 222: Discusses the time of supply concerning the allotment of spectrum to telecom companies.

These circulars aim to provide clarity and streamline the application and compliance processes under the GST regime. For more detailed information, you can refer to the official Ministry of Finance notifications and circulars.

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