As you are aware, Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that the shipping bill filed by an exporter shall he deemed to be an application for refund of integrated tax paid on the goods exported out of India once export general manifest (EGM) and valid return in Form GSTR-3 or Form GSTR- 3B, as the case may be has been filed.
The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs.
Anticipations from over a decade were put to rest on July 1, 2017 when India’s biggest tax reform since independence, Goods and Services Tax (GST) was launched. With an attempt to create historic mark, the Government although claims to have succeeded in this smooth transition from the earlier tax regime to the new tax regime, but the scenarios after 75 days of its implementation does not justify the same.
Small taxable person supplying goods upto 75 lakhs per annum are eligible for composition scheme. [Option lapses if aggregate turnover exceeds Rs.75 lakhs]. They have to pay GST @ 2% in case of manufacturing & 1% in case of trader & 5% in case of food & drink service. Notified suppliers like manufacturer of Ice […]
Commissioner of Commercial Tax in every State carry out a sample study of 200 cases of taxpayers who have not filed 3B return and ask them the reasons for not filing, so that we would get to know some underlying cause.
1. Due individual freelancers working for US client require GST Registration? Yes, as it is a interstate supply, registration is compulsory under section 24(i) of CGST Act, 2017 2. Service provided, GST on which is to be paid by receiver under RCM in which column this amount to be reported in GSTR-3B? You are not […]
To facilitate exports under GST, it has been decided to allow exporters the facility of furnishing Letter of Undertaking in place of a bond. This facility of furnishing Letter of Undertaking, in place of a bond, is allowed to exporters for exporting goods or services or both.
Assessment proceedings in following time-barring scrutiny cases, pending as on 1st October,2017 where hearing have not been completed, would be carried out through the ‘e-Proceeding‘ facility on ITBA-
In our considered opinion, it appears that the proposal for introduction of a new Rule 39A in the Income-tax Rules, 1962 is not found to be fair. The implementation of the new rule will further increase the already existing heavy compliance burden on tax payers. Even the Form effectively requires periodic computation of income and expects tax payers to give reasons for less payment of advance tax compared to the earlier year
On 22nd September 2017 to further terrorise the taxpayers and Professionals Income Tax Department has come up with a new requirement by which it has specified that from now onwards a Mobile number and Email address could be used only for three Income Tax Accounts instead of current limit of 10 accounts. Due to such […]
