// archives

GST

This category contains 38 posts

Scheme for manufacturing and Processing in a bonded facility – GST Impact

[Source: ICAI GST Newsletter; Author: CA Abhishek Agarwal] BONDED MANUFACTURING SCHEME Government along with CBIC in order to promote India as the manufacturing hub globally, to promote make in India initiative and to facilitate ease of doing business has come up with the bonded manufacturing scheme. Under this scheme any person undertaking manufacturing or other […]

Additional relief in GST compliance

With most part of the country under lockdown or partial lockdown, government has notified some fresh relief measures in GST compliance. 1) Due date to furnish GST annual return for FY 2018-19 is further extended to September 30, 2020. 2) Validity period of e-way bill expiring between 20-3-2020 to 15-4-2020 extended till 31-5-2020. 3) CBIC […]

Covid19 relief on GST Rule restricting ITC to 10%

According to sub-rule (4) in Rule 36 of CGST Rules introduced w.e.f. 9-Oct-2019, a registered person can avail ITC in respect of the invoices, the details of which have not been uploaded by the suppliers and reflected in GSTR-2A of the registered person availing ITC, only to the extent of 20% of the total eligible […]

GST Amendment – relief to exporters of goods

The exercise of option to export under (1) LUT, or (2) on payment of IGST is left to the exporters. However, in the Month of October 2017, the Government while restoring the tax-free procurements, for EOU’s, under Advance authorization/ EPCG etc., restricted the second option for such exporters. Recently, the Government vide Notification No. 16/2020-CT […]

Some Important Relief Measures in view of COVID-19

In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under […]

Recommendations of 39th GST Council meeting

[Source: pib.gov.in] Recommendations of GST council related to law & procedure The 39th GST Council in its meeting held on 14th March, 2020, has made the following recommendations on Law & Procedures changes. 1)       Measures for Trade facilitation: a)      Interest for delay in payment of GST to be charged on the net cash tax liability […]

Govt planning to launch lottery offer under the GST from 1 April

[Source: www.livemint.com] We had earlier shared you a news item (Economic Times) that India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups. It seems the government is planning to adopt the idea. The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by […]

India should adopt Singapore’s ‘GST voucher scheme’ to help lower, middle income groups

[Source: www.economictimes.com] Singapore’s Goods and Services Tax (GST) voucher scheme should be adopted in India to bring huge positive impact for those in the lower and middle income groups, say tax experts. “An interesting aspect of Singapore GST that can be adopted in India is the voucher system which provides benefits even to non-registered citizens […]

GST Amendments effective from 1-Feb-2019

[By Shaleen Shah (Partner), VNCA] Gist of amendments effected through CGST (Amendment) Act, 2018 and Rules thereto effective from 1-Feb-2019. 1) It is clarified that though GST is not applicable on transactions in ‘securities’, any fees or charges in relation to transactions in securities would be a consideration for provision of service and chargeable to […]

Refund of GST to exporters–certain restrictions to claim refund on IGST paid exports

[By Shaleen Shah (Partner), VNCA] Exports is `zero rated’ in GST for which exporter of goods has two options viz. (1) supply under LUT without payment of IGST and claim refund of unutilised ITC; or (2) supply on payment of IGST and claim refund of such IGST paid on exports. Rule 96(10) of the Central […]