Integrated Tax (Rate) Notification No. 16 of 2018 DT 26th July, 2018, GST

Posted on 11 June 2022 Category : Notifications

Notification No. 16/2018 Integrated Tax (Rate) DT on 26th July, 2018, GST

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to specify services supplied by individual Direct Selling Agents (DSAs) to banks/ non-banking financial company (NBFCs) to be taxed under Reverse Charge Mechanism (RCM).

The Extract of GST Notification No. 16/2018 – Integrated Tax (Rate) is given below:

Notification No. 16/2018 – Integrated Tax (Rate), GST

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II,

SECTION 3, SUB-SECTION (i)]

Government of India

Ministry of Finance

(Department of Revenue)

Notification No. 16/2018- Integrated Tax (Rate)

New Delhi, the 26^th July, 2018

GSR......(E).- In exercise of the powers conferred by sub-section (3) of section 5 of

the Integrated Goods and Services Tax Act, 2017 (13 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.10/2017- Integrated Tax (Rate), dated the 28^th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 685(E), dated the 28^th June, 2017, namely:-

In the said notification, -

(i) in the Table, after serial number 12 and the entries relating thereto, the following serial number and entries shall be inserted, namely: -

(1)			(2)					(3)		(4)

“13	Services		supplied		by	Individual		Direct	Selling	A banking company or a
	individual		Direct	Selling		Agents (DSAs) other than				non-banking	financial
	Agents (DSAs) other than					a	body	corporate,		company, located in the
	a	body	corporate,			partnership		or	limited	taxable territory.”;
	partnership		or	limited		liability partnership firm.
	liability partnership				firm
	to bank or non-banking
	financial		company
	(NBFCs)

(ii) in the Explanation, after clause (f), the following clause shall be inserted, namely: -

‘(g) “renting of immovable property” means allowing, permitting or granting access, entry, occupation, use or any such facility, wholly or partly, in an immovable property, with or without the transfer of possession or control of the said immovable property and includes letting, leasing, licensing or other similar arrangements in respect of immovable property.’.

2. This notification shall come into force with effect from 27^th of July, 2018.

[F. No. 354/13/2018- TRU]

(Gunjan Kumar Verma)

Under Secretary to the Government of India

Note: -The principal notification No. 10/2017 - Integrated Tax (Rate), dated the 28^th June, 2017 was published in the Gazette of India, Extraordinary, vide number G.S.R. 685 (E), dated the 28^th June, 2017 and was last amended by notification No. 3/2018 - Integrated Tax (Rate), dated the 25^th January, 2018 vide number G.S.R. 71 (E), dated the 25^th January, 2018.

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