As per section 7(5) of IGST Act, 2017, supply of goods or services or both, when the supplier is located in India and place of supply is outside India, will be treated as inter-state supply. Therefore, exports being inter-sate supplies, they will be liable to Compensation Cess. This however will not be in line with the principle that no taxes be exported, and exports have to be zero rated.
Notification 18/2017 – of IGST rates – exempts services imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under section 5 of the Integrated Goods and Service Tax Act, 2017 (13 of 2017). No IGST on the import of services by the SEZ unit or developer.
The main purpose of Bond or LUT is to prevent Cash Outflow from pocket of exporter to pay IGST. This article aims to consolidate series of notifications/circulars issued by CBEC with respect to Export of Goods and Services under Bond or LUT.
This article discusses in detail about E-way rules prescribed under GST. E-way bill is a kind of permit in electronic format that will have details of goods being transported. The date of from which E way bill would come into force has not been notified yet.
If an auditor of a company, in the course of the performance of his duties as auditor, has sufficient reason to believe that an offence involving fraud, is being or has been committed against/in the company by officers or employees of the company, he shall report the matter in the manner stated hereinafter.
This article attempts to simplify the miscellaneous transitional provisions under GST for better understanding. What types of forms are required to filed in relation to Transition to GST from earlier laws? 2 different types of forms have prescribed in relation to GST transition. Summary of these forms is as below
The due date for filing Form GSTR-1 for the month of July is September 5, 2017 (from 01.09.2017 to 05.09.2017). In this write-up, all about Form GSTR-1 is being discussed. Form GSTR-1 is a monthly statement filed by outward supplier. It is a statement that contains details of all the sales transactions.
Discerning the compliance burden faced by the Trade and Industry (huh?), the Central Government vide Notification No. 08/2017-CT (Rate) (the Notification), decided to put a cap on the Intra State supplies on which GST leviable under section 9 (4) of the CGST Act, (the Act) viz. RCM on unregistered inward supplies, shall be exempt in case the aggregate value of such supplies doesn’t exceed INR 5,000 a day.
In simple terms, means that the tax collected on supply of goods should accrue to the jurisdiction or State in which those goods are consumed. Elaborate rules have been made for determining place of supply of goods based on the nature of supplies.
Section 118(10) of the Companies Act, 2013 mandates the observance of Secretarial Standards on General and Board Meetings specified by The Institute of Company Secretaries of India and approved by the Central Government. Accordingly, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial Standards on General Meetings (SS-2), as approved by the Central Government, have been issued by the ICSI for observance by all companies (except exempted class of companies).
