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 and what will be the process now?
Answer: Taxable event in the GST regime is supply of goods. Exports being inter-State supply, you would be required to obtain GST registration. The manufacturer would be supplying you the goods on the payment of IGST or CGST and SGST/ UTGST as applicable. You may avail of input stage credit of the tax paid on goods and services and export the goods under bond/LUT. Unutilized credit can be availed as refund. Alternatively, you may export the goods on payment of integrated tax and refund of integrated tax would be available to you.
Related Topic on GST
|GST Acts||Central GST Act and States GST Acts|
|GST Rules||GST Rules|
|GST Forms||GST Forms|
|GST Rates||GST Rates|
|GST Notifications||GST Act Notifications|
|GST Circulars||GST Circulars|
|GST Judgments||GST Judgments|
|GST Press Release||GST Press Release|
|GST Books||Best Books on GST in India|
|GST Commentary||Topic wise Commentary on GST Act of India|
|GST You Tube Channel||TaxHeal You Tube Channel|
|GST Online Course||Join GST online Course|
|GST History||GST History and Background Material|