The inaugural edition of our Sustainability Report 2023-24 marks a significant milestone in our journey towards integrating environmental, social, and governance (ESG) principles into our core business operations.
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Tax advisory and advisory services in India by Grant Thornton aim to help businesses of all sizes to formulate and implement effective strategies to optimize...
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Grant Thornton Bharat sustainability report 2023-24
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Grant Thornton Bharat offers tailored assurance and auditing services in India, ensuring NFRA compliance, sector expertise, and risk-based audits for credible...
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Quarterly GAAP Bulletin – January 2025
A summary of significant accounting, auditing and related updates
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We offer top-tier agriculture consulting services, tackling challenges and driving growth in India's agri-industry. Discover our expert solutions now.
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Thought leadership Co-lending in India: Expanding credit access for MSMEsIn today’s rapidly evolving financial landscape, co-lending has emerged as a key enabler of credit expansion in India, facilitating partnerships between banks and non-banking financial companies (NBFCs) to extend credit more efficiently to underserved segments. -
Article Why India’s financial inclusion journey needs to focus on equity and access to creditFinancial services have expanded over a decade, giving millions access to bank accounts and digital payments. But true empowerment needs to reach every corner of the country if growth is to be long-term and sustained -
Thought Leadership Competitive and sustainable agriculture & food processing in KeralaThe economy of Kerala is primarily driven by the services sector, which contributes 66% to the Gross State Domestic Product (GSDP). -
Article Economic Survey 2024-25: Deregulation, investment and innovation for a Viksit BharatIndia's economic growth remains for a steady trajectory with real GDP expected to grow at 6.4% in FY25 and in the range of 6.3%-6.8% in FY26, reflecting resilience despite global uncertainties.
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The July edition of GST Compendium captures the changes made by the government with respect to GST for COVID-19 relief.
Contents
Key highlights of the publication
- Important updates/announcements: The GST Council, in its 44th meeting held through video conferencing on 12 June 2021, took decision regarding reduction in GST rates on goods being used in COVID-19 relief and management. GST exemption has been provided to certain medicines which were leviable to GST at 5%. Furthermore, there has been a reduction in GST rate for drugs recommended by the Ministry of Health and Family Welfare (MoHFW) and the Department of Pharma (DoP) for COVID-19 treatment.
- Key judicial pronouncements: The Apex Court has admitted the plea filed by the Revenue, challenging the decision of the Gujarat High Court quashing levy of Integrated Goods and Services Tax (IGST) on ocean freight under reverse charge. The levy of IGST on ocean freight has been a matter of litigation since inception.
- Decoding advanced rulings: The Kerala Authority for Advance Ruling (AAR) observed that the applicant is engaged in placement of specified medical instruments at premises of unrelated customers, such as hospitals and labs, for their use without transfer of ownership and consideration for a specified period. Further, such placement is against an agreement between the applicant and the hospitals for an obligation of minimum purchase of certain products from the applicant. Therefore, the AAR held that such placement constitutes a ‘supply of services’ and not ‘movement of goods otherwise than by way of supply’. Therefore, such transaction shall be taxable under the Goods and Services Tax (GST).
- Experts column: We share our views on the challenges faced by the media and entertainment industry with respect to the taxability of copyrights.
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GST Compendium – June 2021
Latest updates on indirect taxes, GST and important judicial pronouncements from May 2021
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GST Compendium - May 2021
Grant Thornton Bharat publication capturing key indirect and direct tax developments
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GST Compendium – April 2021
Grant Thornton Bharat’s GST Compendium captures the latest updates on indirect taxes, GST and important judicial pronouncements from March 2021