Only few days are left to file the first Return in the era of GST regime i.e. FORM GSTR-3B. It must be filed by every person who are registered under GST. In this write-up, all related aspects of FORM GSTR-3B are being covered. Introduction It is a summary return which has to be filed by […]
Rule 96A of CGST Rules, 2017 talks about the refund of integrated tax paid on export of goods or services under bond or Letter of undertaking. Let’s understand further this Rule for better clarity.
In recent notification, extension is granted for filing FORM GSTR-1 (Outward supplier) & GSTR-2 (Inward supplier) for the month of July & August, so accordingly extension is granted for filing monthly return i.e. FORM GSTR-3 as well. Form No. For the month of Time period for filing of details in FORM GSTR-1 GSTR-1 July, […]
After approx a month post GST implementation, 20th GST council Meeting headed by union Finance Minister Arun jaitley, came up with following changes. Let’s have a quick look towards highlights of 20th GST council meet: Lowering the rate Earlier Now Job work of all kinds of textiles 18% 5% Tractor parts 28% 18% Work […]
After the new biggest tax reform i.e. GST, the first monthly return post GST implementation, shall be required to be filed for the month of July by August 20, 2017. In this write-up, all about FORM GSTR-3B is being covered.
As per the provisions in schedule I of CGST Act, 2017, the import of services by a taxable person from a related person or from a distinct person as defined in Section 25 of the CGST Act, 2017, in the course or furtherance of business shall be treated as supply even if it is made without any consideration.
Under GST, there is no drastic change in case of imports. There is no major impact on imports with respect to levy of Custom duty, Education cess, Anti-dumping duty, safeguard duty and the like. Let’s discuss the changes in import under GST.
When goods are exported out of India, a registered taxable person shall have following 2 options to claim refund: (1) Pay the IGST First and then export the goods as per Rule 96 of CGST Rules, 2017 deals, and (2) Export the goods without paying IGST as per Rule 96A by furnishing bond or LUT- […]
Nowadays there is confusion among exporters regarding applicability of GST. In Previous tax regime, exporters of Services were not required to submit any Bond or Letter of Undertaking before or after export of services. Further,exporters were not required to pay any Tax on such Export of Services before or after exports are affected and to […]
As most of the taxes paid by the retailers are not eligible for input tax credit in the current regime as stated above, cascading of taxes results in cost going up for the retailer. Ultimately the consumer bears the tax burden by paying higher price for the product.
