Recommendations of 53rd GST Council Meeting thumbnail
Recommendations of 53rd GST Council Meeting
www.pib.gov.in
GST liability on reinsurance services of specified insurance schemes covered by Sr. Nos. 35 & 36 of notification No. 12/2017-CT (Rate) dated 28.06.2017 may  be regularized on ‘as is where is’ basis for the period from 01.07.2017 to 24.01.2018. GST liability on reinsurance services of the insurance s
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  • GST liability on reinsurance services of specified insurance schemes covered by Sr. Nos. 35 & 36 of notification No. 12/2017-CT (Rate) dated 28.06.2017 may  be regularized on ‘as is where is’ basis for the period from 01.07.2017 to 24.01.2018.
  • GST liability on reinsurance services of the insurance schemes for which total premium is paid by the Government that are covered under Sr. No. 40 of notification No. 12/2017-CTR dated 28.06.2017 may  be regularized on ‘as is where is’ basis for the period from 01.07.2017 to 26.07.2018.
  • To issue  clarification  that retrocession is  ‘re-insurance of re-insurance’  and therefore, eligible for the exemption under Sl. No. 36A of the notification No. 12/2017-CTR dated 28.06.2017.
  • Clarification on the place of supply applicable for custodial services provided by banks: The Council recommended to clarify that place of supply of Custodial services supplied by Indian Banks to Foreign Portfolio Investors is determinable as per Section 13(2) of the IGST Act, 2017.
  • Clarification on valuation of corporate guarantee provided between related persons after insertion of Rule 28(2) of CGST Rules, 2017: GST Council recommended amendment of rule 28(2) of CGST Rules retrospectively with effect from 26.10.2023 and issuance of a circular to clarify various issues regarding valuation of services of providing corporate gu...

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