"03 November 2018" Archive

GST Refund of Excess Amount from Electronic Cash Ledger

A. FAQs on GST Refund of Excess Amount from the Electronic Cash Ledger Q.1 How can I claim GST refund of excess amount available in Electronic Cash ledger? Ans: 1. Login to GST portal for filing refund application under refunds section. Select the reason of Refund as ‘Refund on account of excess balance in cash […]...

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GST Refund on account of Recipient of Deemed Export

A. FAQs on GST Refund on account of Recipient of Deemed Export Q.1 What are Deemed Exports? Ans: Deemed Exports are those supplies of goods that are notified by the government on the recommendation of the council as ‘Deemed Exports’ where: The goods supplied do not leave India; Payment for such supplies is received in […]...

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MSME loans up to Rs. 1 crore – All you want to know

Release ID: 1547245 (25/09/2018)

1. What is the minimum and maximum loan amount one can borrow through the portal? An MSME can avail business loan from Rs 1 Lakh to Rs 1 Crore through www.psbloansin59minutes.com. 2. What if I do not file/have GST Return/Income Tax Return/Banking Details? We are sorry, you will not be able to complete the borrower journey on www.psbloansi...

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President assents Companies (Amendment) Ordinance, 2018

No 9 OF 2018 (02/11/2018)

Hon'ble President has given his assent to Companies (Amendment) Ordinance, 2018 with effect from 02nd November 2018. Companies (Amendment) Ordinance, 2018 amends 31 Provisions of Companies Act, 2013. Text of Companies (Amendment) Ordinance, 2018 is as follows:-...

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Applicability of Indian Accounting Standard (IND AS) on Companies

Mandatory Applicability of IND AS on all companies , Statement presented under IND AS, Consequences of non-compliance of IND AS...

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AAR cannot give ruling on GST refund & Registration issues due to GSTN portal

In re Mr. Sutapa Sutradhar (GST AAR Kerala)

In re Mr. Sutapa Sutradhar (GST AAR Kerala) Issues relating to refund of tax paid and failure to complete registration due to GSTN portal problems is not a matter coming under the purview of Advance Ruling. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, KERALA The applicant was a casual taxable person doing business […]...

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GST on parts of fishing or floating vessels, Marine propellers etc.

In re M/s. Saraswathi Metal Works (GST AAR Kerala)

In re M/s. Saraswathi Metal Works (GST AAR Kerala) i) The tax rate of Marine propellers, Rudder set, Stern tube set, Propellers shaft, MS shaft for couplings used as part of fishing vessels, factory ships and other vessels for processing or preserving fishery products are taxable @5% GST. ii) All parts of fishing / floating […]...

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GST on medicines, consumables & implants used in providing health care services

In re Ms. Rajagiri Health Care & Education Trust(Authority for advance ruiling)

In re Ms. Rajagiri Health Care & Education Trust(GST AAR KERALA) Government of India vice Circular No.27/01/2018-GST Dt.04-01-2018 has clarified that room rent in hospital is exempted. As for as inpatients are concerned, room facility in a hospital is one limb of bundled service of health care. The clarifications issued based on the ...

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GST on processing natural gas and other inputs received from BPCL

In Re M/s. Prodair Air Products India (P) Ltd (GST AAR Kerala)

In Re M/s. Prodair Air Products India (P) Ltd (GST AAR Kerala) i. The activity undertaken by the applicant of processing natural gas and other inputs received from BPCL free of cost basis and manufacturing industrial gases from them shall fall under the scope of ‘job work’ under GST. ii. The activity of the applicant […...

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GST on Classic Malabar Parota and Whole Wheat Malabar Parota

In re M/s. Modern Food Enterprises Pvt Ltd (GST AAR Kerala)

In re M/s. Modern Food Enterprises Pvt Ltd (GST AAR Kerala) i) ‘Classic Malabar Parota’ and ‘Whole Wheat Malabar Parota’ classified under Schedule III of GST Laws, vide Heading 2106 ‘Food preparations not elsewhere specified or included’ and is taxable @18% GST. ii) Eligibility of exemption from GST vid...

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