Goods and Services Tax : Duty Credit Scrips are goods as held by many Courts and the supply of the same liable to GST. Duty Credit Scrips covered under HSN...
Income Tax : Waiver of interest u/s 234B and 234C of Income Tax Act on delay in deposit of advance tax/self-assessment (SA) tax on MEIS/RODTEP ...
CA, CS, CMA : As we all are aware that online E Com portal for filing of MEIS, SEIS, ROSL and ROSCTL scheme was not working for a long which was...
Goods and Services Tax : Though the exporters were opting the RoDTEP Scheme, they had no idea about the rates to be notified under the scheme. However, the...
DGFT : In a major move aimed at boosting exports and offering relief to exporters, the government on 17th August 2021 notified Remiss...
DGFT : Government has released Rs 56,027 crore in order to clear pending export incentive dues to exporters, which is for various Schemes...
DGFT : Many of us are awaiting for DGFT online portal to start with online application filing of MEIS, SEIS and RoSL / RoSCTL for the exp...
DGFT : This report contains significant results of the performance audit on Merchandise Exports from India Scheme (MEIS) and Service Expo...
Corporate Law : The Government has restricted import of pulses like tur, moong and urad since August, 2017 with annual Quota Restriction of 5 lakh...
Custom Duty : Under section 14 of the Customs Act, 1962, Central Board of Indirect Taxes and Customs (CBIC) notifies the rate of exchange for th...
Custom Duty : CESTAT Mumbai ruled that Education Cess and Secondary & Higher Education Cess paid through MEIS duty credit scrips for past import...
Income Tax : The Tribunal held that weighted deduction under Section 35(2AB) cannot exceed the amount certified by DSIR after the 2016 amendmen...
Corporate Law : Supreme Court held that once exports are genuine and fall within the notified category, inadvertent mistakes of procedure cannot b...
Custom Duty : Conversion of MEIS shipping bills to the DEPB scheme was permissible where bills not ‘free shipping bills as the scale of examin...
DGFT : Madras High Court held that the Merchandise Exports Incentive Scheme (MEIS) scrip can be cancelled even if the scrips are availed ...
Custom Duty : This Advisory is being issued to handle the post EGM amendment of shipping bill cases of MEIS scheme (since discontinued from Janu...
DGFT : MEIS and SEIS scheme have now been discontinued w.e.f. 01.01.2021 and 01.04.2020 respectively, and are on the verge of final closu...
DGFT : Extension of MEIS / Ad-hoc Incentive Scheme / ROSCTL / ROSL The last date for submitting applications under MEIS (for exports made...
DGFT : The last date of submitting applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional ad hoc incentive (under para 3.25 of FTP...
DGFT : The last date of submitting applications under MEIS, SEIS, ROSCTL, ROSL and 2% additional ad hoc incentive (under para 3.25 of FTP...
Export of Goods and GST Export of goods means taking goods out of India to a place outside India. Export of goods regarded as zero rated supply under GST, meaning thereby there will be no burden of duties/taxes on exported goods at any stage of distributive chain starting from manufacturer stage to exporter stage. It […]
COMPOSITION Q.1 Whether a person can avail the composition scheme on Small Retail Trading of goods if he is holding both incomes like Sale of business: Rs. 25 lakh (Small Retail Trader) and Rental income: Rs. 12 lakh, whereas the person was registered earlier in VAT Composition Scheme and was paying Service Tax on rental income? […]
In exercise of powers conferred under paragraph 1.03 of the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade hereby makes the following corrections/ amendments in Table 2 of Appendix 3B (notified through Public Notice No.61 dated 07.03.2017 and subsequently amended through Public Notice No.17 dated 22.08.2017).
Some of the ITC (HS) 2012 Codes eligible under MEIS and not notified in Public Notice No .61/2015-20 on 07.03.2017 are aligned, with ITC(HS) 2017 published.
Query 1. What is the HSN code for Mahua Flower and its GST rate? Reply:- Mohua flowers fall under heading 1212 and attract 5% GST. Query 2. What is the HSN code for Sal Leaves which is used for making plates and its GST rate?
Exporters are witnessing sea changes as regards export rules under the existing GST regime as compared to the earlier regime of indirect taxation in India. Particularly the traders and the provider of export services are facing difficulties in filing bonds and Letter of undertaking before making exports. Even the general meaning of exports have changed now as supplies made to SEZ developer or SEZ unit are now treated as export transactions even if they are made intra-state, also sales to export houses and penultimate exports are no longer covered under the definition of export now. Exports which were earlier made without payment of taxes are now made subject to payment of taxes or filing of some special documents in lieu of taxes paid on exports. In our previous article on “Place of Supply under GST”, we covered the nature of supplies to be treated as exports/import of goods or services under GST, so we are not discussing these provisions here. Rather, in this article we will now discuss benefits, procedures and other provisions related to export and import of goods and services under GST in India.
Under the GST Law, export of goods or services has been treated as: inter-State supply and covered under the IGST Act., zero rated supply i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage oral the final product stage.
All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services
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.
Though imposition of Minimum Alternative Tax (MAT) in 2011 slowed down growth of special economic zones (SEZs), but implementation of Goods and Service Tax (GST) provides wonderful opportunity for making investments in Indian SEZs, a top Commerce Ministry official said at an ASSOCHAM event held in New Delhi today.
