Goods and Service TaxArticle·2 January 2025
GST On Prepaid Payment Instruments-To Pay or Not to Pay. Sequel to the Trilogy released by J the app
By J the App
Executive Summary
The Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 243/37/2024-GST on December 31, 2024, providing clarity on the Goods and Services Tax (GST) treatment of vouchers. In essence, the CBIC through the circular has held that the transaction in vouchers are neither supply of goods nor of services and therefore will not be subjected to GST per se. However, any commission earned through sale of such vouchers will be charged to GST
Synopsis
Pre-Paid Instruments (PPI). Should they be subjected to GST. Should they be treated as actionable claims. What will happen to PPIs if they are to be used to for exempted Products or ...
Read the full article in the app
This is a premium article. Download J the App to read the complete content.