ANALYSIS OF CHANGES UNDER GST LAWS – GST COUNCIL MEETING 06th OCT, 2017

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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 …

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PACKAGE OF RELIEF & INCENTIVES FOR EXPORTERS UNDER GST

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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 following package of relief & incentives for the Exporters:- a) Within the next 4 days i.e. by 10.10.2017 the held-up refund of IGST …

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REVISED REQUIREMENTS FOR LETTER OF UNDERTAKING (LUT) UNDER GST FOR EXPORTERS

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In line with its objective to make GST Exporter’s (specially small exporters) friendly, the Central Government has taken pro-active measure to help all the Exporters to obtain Letter of Undertaking (LUT) under GST instead of requirement of Bond for the Small Exporters. Earlier there were following benchmark requirement for an Exporter to obtain LUT under GST, in …

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GST ON HOTEL ACCOMMODATION – RATE OF TAX ON DECLARED ROOM TARIFF

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A clarification has been sought from the GST Council with regard to the Rate of GST on Hotel Accommodation. In this matter the government has changed the Terminology used earlier in the Tax Rate Schedule updated till 03rd July, 2017 and now the term ‘Declared Room Tariff’ has been replaced at all places where earlier they …

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GST – REVERSAL OF INPUT TAX CREDIT (ITC) RELATED TO EXEMPTED or NIL RATED OUTWARD SUPPLIES

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This article covers relevant abstract provisions of GST Laws related to reversal of Input Tax Credit (ITC) used in relation to Exempted or NIL Rated output Supplies:-   As per Section 17 of the GST Laws:- “Section 17 (2) – Where the goods or services or both are used by the registered person partly for …

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REDUCED RATE OF GST FOR JOB WORK ON READYMADE GARMENTS : GST COUNCIL DECISION 5TH AUG, 2017

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In a major relief to the Ready Made Garment sector, the GST Council has reduced the Rate of GST on Job Work of Readymade Garments and made-ups from 18% to 5%. Several landmark decisions have been taken in the 20th Meeting of the GST Council relating to reduction in the rate of Tax on specific …

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DOCUMENTS REQUIRED FOR LETTER OF UNDERTAKING FOR EXPORT UNDER GST

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As per the circulars and notification issued by the Government and the existing practice in various commissionerates under the Goods and Services Tax, we are noting below the list of documents that the officials are usually asking at the time of submission of the offline Letter of Undertaking for Export without payment of IGST. It …

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LAST DATE FOR OPTING FOR COMPOSITION SCHEME UNDER GST : 21st JULY, 2017

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The Government has issued clarification on Migration, New Registration, Opting for Composition Scheme and Issue of Bills of Supply vide its circular dated 08th July, 2017 (Copy Enclosed) as below:- The Rules related to Registration and Composition Scheme have been notified on 19th June, 2017. These Rules have been brought into effect from 22nd June, 2017. …

LAST DATE FOR OPTING FOR COMPOSITION SCHEME UNDER GST : 21st JULY, 2017 Read More »

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