Refund can be claimed in multiple ways in GST regime and attempts have been made to benefit various organizations. This article analyses various concepts of refunds in new perspective
The intention of government for providing advantages to SEZ and supplier to SEZ by making such supply as zero-rated has been carried away by some provisions one of which is the RCM in case of supply to SEZ.
Walking my way to home, I stopped by a Bamboo Seller, an old man clad in dhoti, sitting under the canopy of a Gulmohar tree. Cluster of bamboos lay at his feet. They were no ordinary bamboos. No, they were, as the sign board claimed, Chinese Bamboo. Chinese Bamboo? I asked the seller who smiled toothily and said, Yeah, they are stronger and taller than the local ones…they come once in a year.
Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. The analysis of the above-mentioned definition provides us with the clear picture as to the burden the corporate houses are required to discharge in order to be called as socially responsible in the true sense.
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
