Goods and Services Tax : Learn how amendments to Section 16 of IGST Act affect zero-rated supplies to SEZ units for authorized operations. Ensure complianc...
Goods and Services Tax : Delve into the legislation and analysis surrounding the availability of Input Tax Credit (ITC) of IGST with insights into statutor...
Goods and Services Tax : Explore the implications of GST on hotels & restaurants in India. Detailed analysis of rate changes, billing procedures, and indus...
Goods and Services Tax : With the financial year 2023-24 approaching its end, ensuring compliance with the GST regulations is crucial. To navigate this pro...
Goods and Services Tax : Explore the impact of Integrated Goods and Services Tax (IGST) on imported goods in India, comparing pre- and post-GST scenarios f...
Goods and Services Tax : Explore the details of CGST, SGST, and IGST collected, IGST settlement to states, and an in-depth study on GST revenue growth. Ins...
Goods and Services Tax : Standard Operating Procedures for Monitoring Ineligible IGST Input Tax Credit Reversal by Taxpayers in Return Form GSTR 3B (SOP-1/...
Goods and Services Tax : Explore the Ministry of Finance latest report on GST revenue collection in October 2023. Discover detailed analysis, state-wise fi...
Goods and Services Tax : In July 2023, India's GST revenue collection reached ₹1,65,105 crore, marking an 11% YoY growth. Domestic transactions saw a 15%...
Goods and Services Tax : 1. IGST exempted on Import of drug used for treatment of black fungus IGST exempted on import of Amphotericin B (the drug required...
Goods and Services Tax : Madras High Court quashes GST demand against Tvl. Urayur Cotton Company due to failure to consider the petitioner's reply on circu...
Goods and Services Tax : Calcutta HC rules IGST credit wrongly claimed instead of CGST and SGST need not be reversed. Key details on the Cosyn Limited case...
Goods and Services Tax : Read how Kerala HC granted interim exemption to a mother for importing medicine for her child suffering from SMA, exempting her fr...
Goods and Services Tax : Allahabad High Court raps GST Dept for inconsistent approach towards unutilized ITC refund claims, grants relief to Samsung India ...
Service Tax : Bombay High Court rules in favor of Sanathan Textile Pvt Ltd, stating no service tax is liable on ocean freight. Read the detailed...
Goods and Services Tax : Learn how exporters can claim refund of additional IGST paid due to price increases post-export. Details on application process an...
Goods and Services Tax : Ministry of Finance amends IGST rates for railway services. Notification No. 04/2024 details tax exemptions for various services. ...
Goods and Services Tax : Explore the key amendments in Notification No. 03/2024-Integrated Tax (Rate), effective from 15th July 2024, focusing on agricultu...
Goods and Services Tax : CBIC's Notification No. 02/2024 reduces GST rates on cartons, milk cans, and solar cookers from 18% to 12%. Effective from 15th Ju...
Custom Duty : Explore the latest changes under Notification No. 28/2024-Customs issued by the Ministry of Finance, impacting customs duties and ...
Summary of Various Reliefs provided to Taxpayers in GST Due to COVID-19 pandemic and challenges faced by taxpayers, Government has extended dates for GST filings. These are notified vide Notifications 51 to 54/2020 dated 24.06.2020 and Notification No 57/2020-CT dated 30.06.2020. A Circular No. 141/1/2020-GST dated 24th June, 2020 has also been issued in this […]
Import of Services under GST means supply of service, where:- i) Supplier located outside India. ii) Recipient located in India. iii) Place of supply In India Transaction compiling all the above three conditions will constitute import of service. Scope of Supply: As per section 7(1)(b) import of service is specifically included in scope of supply. […]
A person can make the export supply of goods by making payment of Integrated GST and refund can be claimed for the same. Further exports can be made without making payment of IGST after the submission of Bond/LUT. In such cases, a refund of accumulated Input Tax Credit on expenses may arise.
CBIC notifies provisions to provide relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020 vide Notification No. 3/2020 – Integrated Tax Dated 8th April, 2020. Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 3/2020 – Integrated Tax New […]
1. The provisions of CGST/SGST Act, enables a taxpayer to claim for a refund of the tax levied on the particular supply of Goods and Services. Likewise, a person having GSTregistration can claim for refundon tax paid for the intra-state supply which is consequently held to be inter-state supply and vice versa. 2. The applicant […]
Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options: 1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or 2. Export with payment of IGST and claim refund of such IGST paid. The 2nd […]
Under section 16 of IGST Act 2017, exports are considered as zero rated supplies. Zero rated supplies means where the GST burden on both inputs and outputs is zero. This is mainly to make Indian Goods and Services competitive in the international market. GST Act has prescribed ways to achieve this mainly. 1. Export of […]
As per 89(4) of CGST Rules, in case of zero rated supply of goods or services or both without payment of tax under bond or letter of undertaking in accordance with the provisions of section 16(3) of the IGST Act, refund of input tax credit shall be granted as per following formula :- Refund Amount […]
CBIC amends Notification No. 4/2019-Integrated Tax dt. 30.09.2019 to change the place of supply for B2B MRO services to the location of the recipient vide Notification No. 02/2020–Integrated Tax Dated 25th March, 2020. Ministry of Finance (Department of Revenue) Notification No. 02/2020–Integrated Tax New Delhi, the 25th March, 2020 G.S.R. 1212(E).—In exercise of the powers […]
CBIC amends notification No. 1/2017-Integreated Tax (Rate) to prescribe uniform IGST rate of 12% on all matchsticks & 18 % on all telephone Sets vide Notification No. 03/2020-Intergrated Tax (Rate) dated 25th March, 2020. Ministry of Finance (Department of Revenue) Notification No. 03/2020-Intergrated Tax (Rate) New Delhi, the 25th March, 2020 G.S.R. 217(E).—In exercise of […]
