GST to be levied on underlying items/companies in present vouchers, guidelines AAAR

Clearing the air over taxability of present playing cards or vouchers, the Tamil Nadu bench of the AAAR has dominated that GST could be levied on the underlying items/ companies on the time of redemption such pre-paid devices.

Kalyan Jewellers India Ltd has approached the Appellate Authority for Advance Ruling (AAAR) in opposition to the ruling by the Tamil Nadu state Authority for Advance Ruling (AAR), which had mentioned that GST at 12 per cent or 18 per cent could be levied relying on whether or not on such pre-paid devices was paper primarily based or magnetic strip primarily based respectively.

Modifying the AAR verdict, the AAAR has clarified that GST will probably be levied not on the provision of vouchers however on the underlying provide of products/ companies on the time of redemption and the time for fee of GST will probably be depending on the provisions detailed within the GST regulation.

In its order, the AAAR mentioned that vouchers are neither items nor companies and the GST regulation recognises it as an instrument of consideration (non-monetary kind) for future provide.

“… since voucher is simply

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Non-public lender Sure Financial institution targets startup sector, ties-up with GVFL

To broaden its providers for the start-up sector, the lender Sure Financial institution has tied-up with GVFL Restricted.

Accordingly, the 2 corporations have entered right into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and assist the expansion of the Indian startup ecosystem.

“The MoU will allow the financial institution to supply varied merchandise, digital banking options, and lots of different amenities that may profit the startups related to GVFL Restricted,” stated Sure Financial institution in an announcement.

“The financial institution will provide its curated digital transaction banking product suite, together with its flagship API-based choices to the startups and FinTech corporations.”

Moreover, the MoU would promote innovation and investments throughout India by leveraging the capabilities of GVFL and the Sure financial institution, the assertion added.



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Jordan In Safety Sweep, King’s Half-brother Says Beneath ‘Home Arrest’

A prime former Jordanian royal aide was amongst a number of suspects arrested Saturday in a safety sweep, as the military cautioned a half-brother of King Abdullah II towards damaging the nation’s safety.

Movies posted on-line confirmed a heavy police deployment within the Dabouq space close to the royal palaces, whereas the previous crown prince Hamzah bin Hussein stated he was confined to his residence.

In a video the BBC stated it obtained from his lawyer, Prince Hamzah stated quite a few his pals had been arrested, his safety eliminated and his web and cellphone traces lower.

He denied being a part of “any conspiracy or nefarious organisation”, however stated the Hashemite kingdom had “turn out to be stymied in corruption, in nepotism, and in misrule” the place no-one was allowed to criticise the authorities.

Official information company Petra named former shut aides to the royal household Bassem Awadallah, chief of the royal courtroom in 2007-2008, and Sherif Hassan bin Zaid amongst an unspecified variety of suspects arrested.

Prince Hamzah of Jordan seen on this August 1999 image is the eldest son of the late King Hussein and his American-born spouse Queen Noor additionally pictured right here

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