The government has stipulated certain conditions and procedures for Manual Filling and processing of Refund of GST in respect of Zero Rated Supplies (i.e. Export of Goods or Services or their supply to a SEZ Developer or a SEZ Unit) under GST vide Circular No. 17/7/2017 dated 15-11-2017 which inter alia provides as below:- A) A Registered …
The Union Cabinet chaired by H’ble Prime Minister Sh. Narendra Modi Ji has approved 100% FDI for Single Brand Retail Trading (SBRT) in India in its meeting on 10th January, 2018. I) The key decisions of the Cabinet Meeting are noted below for ready reference:- A) Extant FDI policy on SBRT allows 49% FDI under …
100% FDI IN SINGLE BRAND RETAIL TRADE IN INDIA UNDER AUTOMATIC ROUTE Read More »
With an objective to provide relief and sufficient time to the Registered Taxpayers under GST, the Government has extended the due dates for submission/ filling of various forms under GST as below:- 1. FORM GSTR-1 (Details of Outward Supplies) for Aggregate Turnover exceeding Rs. 1.50 Crores requiring Monthly Filling:- i) July-Nov, 2017 : 10th Jan, 2018 ii) December, 2017 : 10th Feb, …
LAST DATE FOR FILLING GST RETURNS & FORMS : UPDATE TILL DEC, 2017 Read More »
A) WHAT IS A BITCOIN? BITCOIN is a Crypto-Currency that works on Distributed Ledger System or BlockChain concept, which operates on an undisclosed Algorithm and is capable of recording transactions between two parties efficiently and in a verifiable and permanent way. Key Elements of a BITCOIN are:- 1. Uses Hash Pointer as a link between …
TAXATION OF BITCOINS UNDER INCOME TAX & GST IN INDIA Read More »
Following Conditions have been prescribed by the Government for charging reduced Rate of GST @ 0.10% (IGST @ 0.10% or CGST & SGST @ 0.05% each) on Supply of Taxable Goods by a Registered Supplier to a Registered Recipient for EXPORT out of India:- (i) the registered supplier shall supply the goods to the registered …
GST : CONDITIONS FOR REDUCED RATE OF 0.10% ON GOODS SOLD TO EXPORTERS Read More »
The Central Government has revised the Rate of GST on Restaurants w.e.f. 15-11-2017 vide Notification No. 46/2017-Central Tax (Rate) with summary as below:- i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having …
RATE OF GST ON RESTAURANTS – AMENDED W.E.F. 15-11-2017 Read More »
The Central Government has in line with the Decision of the GT Council in its Meeting on 06-10-2017, has granted Exemption to Small Service Providers making INTER STATE supply of Taxable Services and having an aggregate Turnover (to be computed on all india basis), not exceeding Rs. 20 Lakhs (Rs. 10 Lakhs in case of …
EXEMPTION FROM GST REGISTRATION TO SMALL INTER-STATE SERVICE PROVIDERS Read More »
The GST Council in its 22nd Meeting decided to suspend the Reverse Charge Mechanism (RCM) in case of purchases by a Registered Dealer from an Unregistered Dealer u/s 9 (4) of the GST Act. In this matter, the government has issued notification no. 38/2017 – Central Tax (Rate) dated 13-10-2017 by removing the proviso from Notification …
REVERSE CHARGE u/s 9 (4) SUSPENDED UNDER GST w.e.f. 13-10-2017 Read More »
As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall be deemed to be an application for refund of integrated tax paid on the goods exported out of India once export general manifest (EGM) …
Refund of IGST paid on export of goods under Rule 96 of CGST Rules 2017 Read More »
The GST Council, in its 22nd Meeting which was held on 06-10-2017 in the national capital under Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley has recommended several structural changes in GST Law to proactively resolve the problems faced by the Industry and Registered Taxpayers with a special focus to ease …
ANALYSIS OF CHANGES UNDER GST LAWS – GST COUNCIL MEETING 06th OCT, 2017 Read More »