Section 49(5) of CGST Act, 2017 prescribes the pattern of utilisation of eligible Input Tax Credit (ITC) for payment of tax under different heads of GST i.e. CGST, SGST, UTGST, and IGST. ITC Utilisation pattern has very crucial…
Section 12 of IGST Act, 2017 determines the place of supply of various services where location of both supplier and recipient of services are within India. In case of some of services, it is provided that if such…
“Export of services” has been defined under IGST Act 2017. As per section 2(6) of such act, it means the provisioning/supply of services which have following components:- (i) the supplier of service is located in India; (ii) the…
Before general assembly elections, the government is regularly trying to amuse ‘aam aadmi’ by continuously amending GST laws. As of now, It’s core focus sector is ‘MSME’, the highest portion by “number of people involved” in business where…
GST Council met on 22.12.2018 for the 31st meeting in New Delhi to discuss primarily to reduce the number of item in tax slab of 28% on goods. Along with this, there are other numerous matters which were…
Section 122 of CGST Act 2017 provides for the offences which are liable for penal action against the offenders. This section is also equally applicable under IGST Act 2017. Section 20 of IGST Act provides the authority for…
It has been observed that exporters have committed many errors which have hampered sanctioning of IGST refund. CBIC has introduced several options and alternative mechanisms through which various mismatch errors between the Shipping Bill (SB) and GSTR-1 data can be…
‘Deemed Exports’ is an important term being used by government while formulating Foreign Trade Policy to provide a level-playing field to domestic manufacturers in certain specified cases, as may be decided by the Government from time to time. In GST,…
Merchant Export trade transactions include sale transaction by a supplier to the exporter of goods. Such exporter of goods is known as “Merchant Exporter”. As per Foreign Trade Policy, “Merchant Exporter” means a person engaged in trading activity and…
National Informatics Centre (NIC), an agency to handle E-Way Bill system is regularly working for the betterment of this system. In its continuous efforts to make it better, NIC has brought following improvements in E-Way Bill System w.e.f.…
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