All the economies in the world tries to maximize their foreign exchange earnings. For this purpose they tax only those goods and services which are provided in their taxable territory. And export of goods and services is not only kept exempt from tax, rather various export incentive schemes are launched to earn more and more foreign exchange. Export of goods
Fresh Nuts like Almond, Walnut, Hazelnut etc. are exempt from GST Levy, while dried nuts attract GST @ 5% or 12%. Clarifications were sought regarding the distinction between fresh & dried dry-fruits. The issue was discussed in 45th GST Council Meeting held on 17th September 2017 and its recommendations are circulated by CBIC Ciruclar No. 163 / 19 /2021 -GST.
A humble suggestion for minimising damage to economy by waiver of Interest, rent, wages for the lock-down period.) The unprecedented situation created by the outbreak of COVID -19 has devastating effects on the economy. Governments all over the world have reacted similarly to deal with its economic impact, like granting a moratorium on repayment of loan, suspending operation of insolvency
On the recommendation of GST Council, the government, exercising its power under Section 148 of the Central Goods And Service Tax Act, 2017, changed the entire taxation system of GST for Real Estate Developers. An attempt is made to understand and explain the newly inserted provisions which can be read by clicking the given link DECODING IMPACT OF NEW GST PROVISIONS
The Authority for Advance Rulings for Uttarakhand after considering Notification No. 08/2017- IGST (Ratee) and Notification No. 10/2017-Integrated Tax (Rate) ruled that even if the importer has paid IGST on CIF Value of Imported goods, he is still required to pay IGST on Ocean Freight. In Notification No. 08/2017 applicable IGST rate on services have been Notified and at Sr.
APPLICABILITY OF GST ON PACKAGED GROCERY ITEMS With the introduction of GST, a tax of 5% was imposed on majority of Grocery Products like Wheat Flour, Gram Flour, Rice and Pulses etc., when sold in packaged form under a registered brand name. Therefore, a number of persons owning well established brands surrendered registration in respect of such brand names. But,
Sale of Used Cars – GST Implication. One thing about GST is certain and that is confusion. One of such confusions is about GST implications on sale of Old and used Cars. Business houses purchase Motor Cars for use of its staff on payment of GST at appropriate rate. Input Tax Credit of GST paid on Motor Cars is not
GST – Do You Know ??? LIABILITY FOR GST REGISTRATION&GST PAYMENTS : 1. As per Sec 22 of the CGSTAct 2017 (“the Act”), every supplier (including his agent) who makes a taxable supply i.e. supply of goods and / or services which are leviable to tax under GST law, and his Aggregate turnover in a financial year exceeds the threshold
The Purpose of this article is clarify the export procedure defined in the Customs Circular No. 26/2017 Dated 01th.July.2017 in the Current GST Regime. Export/Import procedureis a major concern for the exporters & importers. The supplies of the goods and service for the exports has been categorized as “Zero Rated Supply” in the GST Law. The supplies can be