Ocean Freight could be incurred during the course of import of goods in India or during the course of export of goods out of India. Taxation would depend upon the nature of the underlying activity I.e. Import or export of goods and the incoterms of the sale price between the seller and buyer.
Back to Basics! As per Section 44 of the CGST Act, every registered person (except Casual Taxable person, Input Service Distributor, Non resident Taxable Person, Person paying tax u/s. 51 or Section 52) must file an Annual Return for the financial year before 31st December following the end of the financial year. If the turnover […]
Notification No. 05/2017 – CGST (Rate) dated 28th June 2017 restricted the refund of input tax credit in respect of inverted rate structure (i.e. rate of tax on inputs being higher than rate of tax on output) in respect of certain goods. Notification 20/2018 – CGST (Rate) was issued on 26th July g2018 to amend […]
Introduction: Not all persons are eligible to claim refund of unutilised input tax credit. Only those specified in Section 54(3) of the CGST Act, 2017 are eligible to claim refund of balance in Electronic credit ledger. The specified instances being: Zero rated supplies made without payment of tax (i.e. export of goods/services under LUT or […]
Article presents summary of Changes Proposed in GST Law by 28th GST Council in its meeting held on 21st July 2018 which includes Changes in Rate of GST on Goods and Services, GST Migration Facility till 31st August 2018 with late fee waiver, Increase in Composition Limit, Input Credit Law, Changes in GST Reverse Charge […]
E Way Bill System was made mandatory for interstate movement of goods from 1st February 2018 and for intra state from 1st June 2018. However the system could not hold the load of the numerous E Way Bills generation and crashed on the very 1st day and forcing government to extend the trail run period.
The 25th GST council held on 18th January 2018 has finally resolved one of the jigsaw puzzles that have been mystifying the health care sector since 1st July 2017.
From July 2012, Service Tax shall be levied on all services other than those enumerated in the negative list U/s. 66D of Finance Act 1994 or those provided in the Mega Exemption Notification No. 25/2012. Thus after an act fulfills the conditions of the definition of the term service, it shall be verified if the service falls under the Negative List or the Mega Exemption List.
CA Pragya Singh Introduction: The Government is fast moving on the tract of implementing GST from 1st July 2017. The latest step in the direction being the passage of the four legislations; CGST, IGST, UTGST and States Compensation bill by the Lok Sabha and the Rajya Sabha. This makes even more important for businesses and […]
