Section 54 of the Central Goods and Services Tax Act contains provisions for claiming refund of Goods and Services Tax. One of the situations in which refund can be claimed is in respect of supplies regarded as “Deemed Exports”. This Article discusses the provisions and procedure for claiming refund for Deemed Exports
This article analyses the provisions notified to give effect to the OECD recommendations on three tiered Transfer Pricing documentation, regarding the entities to which the provisions will apply.
Input Credit only on input services can be distributed. The definition of ISD restricts the scope of the input credit to be distributed. ISD is defined to mean an office of the supplier which receives tax invoices towards receipt of input services and distributes the credit of central tax, State tax, integrated tax or Union territory tax paid on the said services.
Inputs subject to tax at a higher rate than the rate applicable on outward supplies of goods or services commonly known as ‘inverted duty structure’ could result in a situation where the registered person has accumulated input credit.
Introduction: Prior to the introduction of GST import under Advance Authorisation/EPCG Authorisation was exempt from payment of Additional customs duty (levied in lieu of Excise Duty). With the implementation of GST there was a change and IGST and Goods and Service Tax Compensation cess as applicable had to be paid on imports made under Advance […]
