Daily Archives: July 19, 2017

Drawback after GST regime

By | July 19, 2017

Drawback after GST regime 1. For a transition period of three months i.e. 1.7.2017 to 30.9.2017, composite rates of All Industry Rate (AIR) drawback are available to exporters. I. These composite rates are subject to certain conditions during transition period that ensure that input credit /refund under GST and drawback of composite rates are not… Read More »

GST : No exemptions for unutilized EXIM scrips

By | July 19, 2017

Question : What will be exemptions available for various authorizations/scrips which have been issued prior to 1.7.2017 and remain unutilized on 1.7.2017? Answer: No exemption under GST Law is provided. The EXIM scrips under the export incentive schemes of chapter 3 of FTP (for example MEIS and SEIS) can be utilised only for payment of… Read More »

Category: GST

GST : Benefits of EPCG scheme,duty credit scrips , MEIS , SEIS , Advance authorization scheme

By | July 19, 2017

Question : Under the GST regime, will benefit of exemption from all duties available under Advance authorization scheme, EPCG scheme and duty credit scrips such as Merchandise Exports from India Scheme (MEIS) & Service Ex-ports from India Scheme (SEIS) will continue? Answer:• After 1st July 2017, the benefits under all the said schemes shall be… Read More »

Category: GST

Where to file application for fixation of brand rate after GST

By | July 19, 2017

Question : Applications for fixation of brand rate used to be filed with jurisdictional Commissioner of Central Excise having jurisdiction over the factory where export goods were manufactured. Under GST regime, will there be any change regarding filing of application for fixation of brand rate? Answer: With effect from 1st July 2017, applications for fixation… Read More »

Category: GST

Duty Drawback scheme continue under GST

By | July 19, 2017

Question : Will duty Drawback scheme continue under GST regime? If yes, what will be the rates of Drawback? Answer: Yes. Duty Drawback scheme with certain modifications will continue under the GST regime. The changes in the said scheme are as follows: • The Drawback shall be available only of Customs duties on imported inputs… Read More »

Category: GST

Purchase from unregistered persons : Exporter to pay GST on Reverse Charge

By | July 19, 2017

Question : Will an exporter be required to pay GST in case of goods procured from unregistered persons (including unregistered job workers)? Answer: In case of supply by an unregistered person (including unregistered job workers), the registered person i.e., exporter shall be liable to pay GST under reverse charge mechanism. However the exporter can avail… Read More »

Category: GST

Whether an EOU can clear goods in DTA ?

By | July 19, 2017

Question : Whether an EOU can clear goods in DTA? Answer: Yes, an EOU can clear goods in DTA in accordance with the provisions laid in the Foreign Trade Policy. GST on Export : FAQ’s GST on Textile : FAQ’s GST on MSME : FAQ’s Related Topic on GST Topic Click Link GST Acts  Central… Read More »

Category: GST

GST procedurefor merchant exporters

By | July 19, 2017

Question : We are merchant exporters dealing in various products.As per current procedure, we purchase goods from a particular factory against CT1/ARE1 so that no excise is levied on us. After goods are exported, we provide proof of export and Form H (for sales tax exemption) to the concerned factory. How would GST impact us… Read More »

Category: GST

Tax benefits available to EOU scheme in GST regime

By | July 19, 2017

Question 11: What tax benefits will be available to EOU scheme in GST regime? Answer: The duty free imports under GST regime will be restricted to Basic Customs Duty. Exemption from the additional duties of Customs, if any, under section 3(1), 3(3) and 3(5) of the Customs Tariff Act, 1975 and exemption from Central Excise… Read More »

Category: GST

whether EOU scheme will continue under GST

By | July 19, 2017

Question : Whether the EOU scheme will continue to be in operation in the GST regime and whether EOU is required to take registration under the GST Law? Answer: EOU is like any other supplier under GST and all the provisions of the GST Law will apply. However, the benefit of Basic Customs Duty exemption… Read More »

Category: GST

What is deemed export under GST Law of India

By | July 19, 2017

Question : What is deemed export under GST Law? Whether any supply has been categorized as deemed export by the Government? Answer: Deemed export has been defined under Section 2(39) of CGST Act, 2017 as supplies of goods as may be notified under section 147 of the said Act. Under section 147, the Government may,… Read More »

Category: GST

Export Procedure under the GST for merchant exporters

By | July 19, 2017

Question : For merchant exporters, is there any change in the Export Procedure under the GST regime? Answer: The concept of merchant or manufacturer exporter would become irrelevant under the GST regime. The procedure in respect of the supplies made for export is same for both merchant exporter and a manufacturer exporter. GST on Export… Read More »

Category: GST

How are exports treated under the GST Law?

By | July 19, 2017

 How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or services has been treated as: • inter-State supply and covered under the IGST Act. • ‘zero rated supply’ i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage or… Read More »

Category: GST

Telangana GST Act 2017 – Download : Chapter Wise Section Wise

By | July 19, 2017

Telangana GST Act 2017 THE TELANGANA GOODS AND SERVICES TAX ACT, 2017 (Act No.8 of 2017) Telangana GST Act 2017  Chapter Wise Section Wise CHAPTER I PRELIMINARY Section – 1 Short title, extent and commencement Section – 2 Definitions CHAPTER II ADMINISTRATION Section – 3 Officers under this Act Section – 4 Appointment of officers… Read More »

GST RCM : GST Reverse Charge Mechanism : Analysis

By | July 19, 2017

GST RCM ( GST Reverse Charge Mechanism ) we are analyzing in detail provision of  GST Reverse Charge Mechanism Meaning of GST RCM : Reverse Charge Mechanism Normally, GST is payable by ‘taxable person’ who is supplying goods and service.However, in some cases, GST is payable by person recipient of the goods or services or both.… Read More »

Compensation Cess rates on cigarettes Increased : Notification No. 3/2017-Compensation Cess (Rate) Dated 18th July, 2017

By | July 19, 2017

Notification No. 3/2017-Compensation Cess (Rate) Seeks to amend notification No. 1/2017- Compensation Cess (Rate), dated 28th, June, 2017 so as to increase the Compensation Cess rates on cigarettes as mentioned in the notification with effect from 18th, July, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY]… Read More »

GST on textile sector : Govt Clarify Levy of GST on Fabrics

By | July 19, 2017

FM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).  In reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been… Read More »

GST on Hotels & 5 Star Hotels : Govt Clarification

By | July 19, 2017

Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST.  Reports have been received expressing doubts whether… Read More »

Bihar GST Act 2017 – Download – Chapter Wise and Section wise

By | July 19, 2017

Bihar GST Act 2017 Bihar GST Act 2017  as Notified on  o8.05.2017 BIHAR GOODS & SERVICES TAX ACT, 2017 [BIHAR ACT 12, 2017] NOTIFICATION, DATED 8-5-2017 AN ACT to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Bihar and the matters connected… Read More »

Section 130 Haryana GST Act 2017 : Confiscation of goods or conveyances and levy of penalty

By | July 19, 2017

Section 130 Haryana GST Act 2017 ( Section 130 Haryana GST Act 2017  explains Confiscation of goods or conveyances and levy of penalty  and is covered in Chapter XIX : OFFENCES AND PENALTIES  ) Confiscation of goods or conveyances and levy of penalty 130. (1) Notwithstanding anything contained in this Act, if any person- (i) supplies or receives any goods in… Read More »

Section 129 Haryana GST Act 2017 : Detention, seizure and release of goods and conveyances in transit

By | July 19, 2017

Section 129 Haryana GST Act 2017 ( Section 129 Haryana GST Act 2017  explains Detention, seizure and release of goods and conveyances in transit  and is covered in Chapter XIX : OFFENCES AND PENALTIES  )   Detention, seizure and release of goods and conveyances in transit 129. (1) Notwithstanding anything contained in this Act, where any person transports any goods or stores… Read More »