GST Amendment – relief to exporters of goods

April 5, 2020
by
1 min read

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 dated 23.03.2020 has made an amendment by inserting explanation to Rule 96(10) of CGST Rules, 2017 as amended (with retrospective effect from 23.10.2017).

By virtue of the aforesaid amendment, the option of claiming refund under 2nd option is not restricted to the Exporters who avail just BCD exemption and pays IGST. The amendment is made retrospectively thereby avoiding the anomaly during the intervening period.

Post Views: 52

Related Posts

Admin Latest posts
  1. Income Tax deduction for procurements from MSMEs only upon actual payment
  2. Foreign companies may be required to file Tax Returns in India
  3. How Cryptocurrencies Are Taxed In India
  4. Constitution Of The GST Appellate Tribunal – Need For Speedy Judicial Remedy
Previous Story

ICAI Advisory on “Impact of Coronavirus on Financial Reporting and the Auditors Consideration”

Next Story

Covid19 relief on GST Rule restricting ITC to 10%

Latest from Blog

Income Tax deduction for procurements from MSMEs only upon actual payment

By Shaleen Shah | LinkedIn, assisted by Divyansh Jain Introduction This Note is relevant to computation of income under the head ‘Income from business and profession’. Section 43B of the Income Tax Act provides a list of expenses allowed as deduction, on cash basis irrespective of the year of accounting.

Foreign companies may be required to file Tax Returns in India

by Nexdigm Private Limited as published on mondaq.com Impact of increase in withholding tax on rates for Fees for Technical Services and Royalty As per Indian Tax laws1, payments made to Non-Residents/Foreign Companies for Fees for Technical Services (FTS) and Royalties were liable to tax at the effective tax rate of

How Cryptocurrencies Are Taxed In India

[Source: forbes.com; Authors: Justin M Bharucha, Aashika Jain] Cryptocurrencies and non-fungible tokens (NFTs) are presently unregulated in India. While the Reserve Bank of India (RBI) had sought to ban cryptocurrencies in 2018, the Supreme Court quashed the attempted ban leaving cryptocurrencies in regulatory limbo – neither illegal nor, strictly speaking,

Higher rate of TDS in certain situations from 1st July 2021

[By Shaleen Shah (Partner), VNCA] Finance Act 2021, has introduced a new section 206AB effective from 1-Jul-2021 wherein a payer/buyer is responsible to deduct TDS at higher rate (i.e. twice the rate as specified under the relevant provision of the Income Tax Act or twice the rate/ rates in force;
GoUp

Don't Miss

New Section 12AB: Re-Registration of Trusts / Institutions registered u/s 10(23C) / 12A / 12AA / 80G of Income Tax Act

[By Shaleen Shah (Partner), VNCA] All the existing charitable and

QRMP scheme launched for GST payers with turnover up to Rs.5 crore

The government has launched the Quarterly Return filing & Monthly