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.
Since 22nd July 2017, the E filing website was crashing continuously, there was a blackout for hours. Major problem was faced since 28th July 2017. The Website even gone for maintenance frequently during this period many time
The Aadhaar number will be required for the purpose of establishing the identity of the deceased for the purpose of Death registration w.e.f 1st October, 2017.
This latest Book on GST comprises of two volumes to cover the subject in its entirety. Volume I covers extensive discussion on the provisions of GST Law and Rules made thereunder. Volume II consists of GST Bare Acts, Rules and all latest notifications and Circulars at one place for easy reference.
A bare reading of sections 54 and 54F of the Act nowhere states that the surplus remaining after claiming deduction under section 54/54F on account of construction of house property undertaken in a year, would not be allowed set off against long-term capital gain earned in the succeeding year.
Request to issue appropriate instructions w.r.t. extension of ‘Due date for filing return of Income’ in case of all the assesses whose last date of filing return of income is 31/07/2017
The CBEC and States have received many complaints that in view of the works contract service tax rate under GST at 12%in respect of under construction flats, complex etc, the people who have booked flats and made part payment before 1st July, 2017
The Companies (Amendment) Bill, 2017 introduced in Lok Sabha on 16th March, 2016 as the Companies (Amendment) Bill, 2016, was referred to Standing Committee. The government after considering the suggestions of the Committee gave notice of amendment as approved by the Cabinet to the Lok Sabha. The Lok Sabha has passed the Company (Amendment) Bill, 2017 on 27th July, 2017.
Taxpayer Submitting Income Tax Return for Assessment year 2017-18 to ensure Incomes/Receipts and deduction claimed matches with Form 16/16A issued by deductor
Conceptually GST is destination/consumption based tax i.e. person consuming the service/goods shall bear the burden of such tax and that revenue shall go to the corresponding state but no provision express this concept/ philosophy. However same was inherent and more adequately embodied in the provisions of Place of supply (POS).
