GST Tip – 346

When the concerned officer issues notice to the taxable person for not paying or short payment of tax or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilful misstatement or suppression of facts to evade tax, if the taxable person pays the interest @ 18% and penalty @25% and intimates the concerned officer in FORM GST DRC-03, then the concerned officer will shall issue an order in FORM GST DRC-05 concluding the proceedings in respect of the said notice.

GST Tip – 215

As per the Determination of Value of Supply, in the case of insurance premiums, the value of supply for determining GST will be 25% of the premium charged for the first year and 12.5% from the subsequent years only if the policyholder is aware of the amount to be allocated for investment or other than single premiums.