CBIC issues clarification in respect of certain GST related issues on recommendation of GST Council
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- Last Updated on 22 September, 2021
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Circular No. 159/15/2021-GST to Circular No. 161/15/2021-GST Dated September 20th, 2021
CBIC has issued three circulars to provide clarification on certain issues as per recommendation of GST Council whose 45th meeting took place on September 17th, 2021. The first circular provides clarification on scope of Intermediary & its services and also the primary requirements or basic pre-requisites for intermediary services are specified.
The second circular provides clarification on amendment brought by Finance Act, 2020, to delink the date of issuance of debit note from the date of issuance of the underlying invoice for availing ITC and requirement to carry the physical copy of tax invoice in cases where invoice has been generated in the manner prescribed under rule 48(4). It is also clarified that w.e.f. 01.01.2021, in case of debit notes, the date of issuance of debit note (not the date of underlying invoice) shall determine the relevant financial year for the purpose of section 16(4) of the CGST Act.
The third circular clarifies that a company incorporated in India and a body corporate incorporated under foreign laws are separate persons and thus are separate legal entities. Accordingly, these two separate persons would not be considered as “merely establishments of a distinct person”.
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