2 Seigniorage Charges:- The new seigniorages charges as fixed by the Industries and commerce (M.I) Department for all the materials are come into force with effect from 01-11-2015 Single time penalty for sand:- The sand consumed in all Government works by the contractors, normal seigniorage Fee with one time GST implications on seigniorage charges (royalty) paid to the government for mining. or with Gravel 70% and Sand 30% brought from approved quarry including cost and conveyance of gravel and sand and all labour charges for sectioning, ramming, watering etc. In the case of NMDC Limited, AAR Madhya Pradesh – Order No. Name of the Minor Mineral Unit Rate of Seigniorage Fee (in Rupees) 1 2 3 4 1 Building Stone M3/MT Rs. The fund comprises among others, contribution collected or to be collected from the holders of the Mineral or Minor Mineral Concessions in the District at such percentage of the royalty as may be prescribed by the Central Government under the Mines and Minerals (Contribution to the District Mineral Foundation) Rules, 2015. However, in this case, though the royalty, DMF and NMET is paid together, it is not paid to a single fund. MACHINERY - Nil - - - C. LABOUR: Man mazdoor for mixing mortar day 0.20 Grand Total Mam, Please conform RCM paid on Royalty 1,00,000 + 12% GST. 3) What is the rate of GST applicable on the seigniorage charges? However, the said view is not justifiable as the amount is not collected by the government, but is going to a specific trust which is formed for a specific purpose. Furnish GSTR-1 in time, or pay late fees, Webinar on Career Growth in GST related Litigation Management, Extend timelines for filings by LLPs: ICSI, Goods and Service Tax (GST) Registration & Requirements, Uttarakhand HC directs CBDT to consider representation on due date extension, All India Protest Call against GST/Income Tax Issues by WMTPA. It is essentially the profit earned by the government by printing currency. 5 of Notification No. Payment of Seigniorage Fee:The Allottee shall pay Seigniorage Fee in advance before dispatch of sand from the specified sand bearing area to the authorized stockyard as per the prevailing scheduled rates or revised from time to time in the Zilla Parishad General Funds and furnish challan to the Asst. Cum 1683.00 100-4 As a general industry practice in the case of mining, if any work is sub contracted by the main contractor, then the seigniorage charges paid by the main contractor to the state government will be recovered from the sub-contractor by way of deduction from the invoice amount. and conveyance of all materials like cement, sand, coarse aggregate, water etc. Amount of Sand required for mortar: Similarly as Cement, Sand is calculated in terms of m 3. 9) Whether GST needs to be paid under RCM on DMF and NMET? For example, if the royalty/seigniorage charges are paid for extraction of sand, then the GST rate applicable on the sand … This info is very useful for those who are in both Govt and Private sectors. 13/2017 – Central Tax (Rate) dated 28th June 2017, on services supplied by the central government, state government, union territory or local authority to a business entity, GST shall be paid by the business entity as a service recipient. Hence, the GST on the contributions made to the trusts shall be paid by the trusts under forward charge. MACHINERY - Nil --C. LABOUR: Man mazdoor for mixing mortar day 0.20 Grand Total BLD-CSTN-1-5 5 Cement Mortar (1 : 4) Unit : 1cum A. Further, a representation can be made to the GST council for the clarity required in this regard. Seigniorage is the difference between the value of currency/money and the cost of producing it. As per Sec. 11/2017 – Central Tax (rate) dated 28th June 2017, for the transfer of the right to use any goods for any purpose, the GST rate as is applicable for the supply of like goods involving a transfer of title in goods shall be charged. Of $ 1,048,970 USD person liable to pay royalty towards the exploration of minerals pay... Xiv ) the government by printing currency to pay royalty towards the exploration of minerals shall pay a percentage! Nmet charges can not be said to be paid by the sub-contractor to the main contractor the case NMDC... 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