Export of goods or services is treated as a zero-rated supply. An exporter dealing in zero-rated supplies can make exports with or without payment of tax. The exporter may supply goods or services or both after paying the amount of IGST and can claim a refund of the amount of tax paid on such goods … [Read more...]
GST and JOHNNY- UPDATE No.64
This Papa: In order to limit the exporters from claiming the refund on the basis of ineligible documents or fraudulently, customs department has marked few exporters as “risky exporters”. Whereby based on the based on a certain criteria as well as artifical intelligence, the system identify the … [Read more...]
GST Update on e-Sanchit for paperless processing
The Government has launched e- Sanchit. e-Sanchit is an electronically storage and Computerized Handling of Indirect Tax Documents for paperless processing, uploading of supporting documents, to facilitate the trading across Borders. It has already been made available to importers and exporters … [Read more...]
GST Update: Taxpayers can now avail transitional credit up to 30th June 2020 as per Delhi High Court decision
This update seeks to discuss about the transitional credit which was entitled to be carry forward by the taxpayers while migrating to GST from the erstwhile regime. The time limit for availing the benefit of carry forward of transitional credit is prescribed by Rule 117 which is being amended from … [Read more...]
GST Update on requirement of separate registration for execution of contract in another state
The present update intends to discuss the recent advance ruling given by AAR Karnataka in the case of M/s T & D Electricals. In earlier update, we had discussed the decision pronounced by AAR Rajasthan in case of same assessee wherein the application was rejected and the applicant was asked to … [Read more...]
GST Update on whether Rajasthan AAR competent to decide on registration requirement in another State?
The present update intends to discuss the Advance Ruling given in the case of M/s T & D Electricals. The question placed before the Advance Ruling was the requirement of separate registration for executing works contract in another State and leviability of tax-whether CGST/SGST or IGST if … [Read more...]
GST Update on landmark decision that interest cannot be recovered without adjudication proceedings
The delay in retrospective amendment regarding computation of interest liability under GST regime has led to flood of writ petitions in High Courts seeking relief from recovery proceedings initiated by the government. The revenue authorities have consistently held that interest liability gets … [Read more...]
GST Update on Statement Taken During The Course Of Investigation Proceedings
In our earlier update, we discussed about the importance of panchnama in the investigation proceedings. In the present update, we will discuss another important document, i.e. statement taken during the course of investigation proceedings and the situations wherein the said statement cannot be … [Read more...]
GST and JOHNNY- UPDATE No.40
This papa: - In erstwhile Excise regime, export under bond or LUT, there was requirement to maintain the balances. The amount is debited as soon as export goods are cleared from factory and afterwards credit is granted as and when the proof of export is submitted in Annexure 19. A proper account was … [Read more...]
GST UPDATE ON LANDMARK DECISION GRANTING EXEMPTION TO ANCILLARY SUPPLIES IN RELATION TO SUPPLY OF ELECTRICITY
Recently Gujarat High Court ([TS-858-HC-2018(GUJ)-NT-Torrent Power Ltd]) has held that when a company is engaged in the business of supply and distribution of electric power which is principal supply, the ancillary and related supply such as application fee for release of connection, meter testing … [Read more...]
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