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When GST Refund not available for Exporters

Under section 16 of IGST Act 2017, exports are considered as zero rated supplies. Zero rated supplies means where the GST burden on both inputs and outputs is zero. This is mainly to make Indian Goods and Services competitive in the international market. GST Act has prescribed ways to achieve this mainly. 1. Export of […]

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SCN must be issue before Recovery under GST except in fraud cases: HC

Godavari Commodities Ltd. Vs  Union of India (Jharkhand High Court) In the present case, though it is submitted by learned counsel for CGST that since the tax was paid, Section 73 (1) of the Act shall not be attracted in the case of the petitioner, but the fact remains that the tax was not paid […]

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Punjab CM Amarinder Singh urges finance minister to release Rs 2,088 crore GST arrears

CHANDIGARH: Punjab chief minister Amarinder Singh on Saturday sought urgent intervention of the Union finance minister to mitigate the crisis caused by Covid-19 outbreak in the state, including immediate release of GST compensation arrears of Rs 2,088 crore, specific only to Punjab as on March 31 as well as deferment of instalments of industrial and agricultural loans by commercial banks.In a letter, Amarinder asked Union finance minister Nirmala Sitharaman for some additional steps to mitigate the crisis caused by the outbreak of Covid-19 global pandemic. Sitharaman had earlier called up Amarinder, who subsequently sent her a detailed letter, for listing out certain important proposals to help out the state in this critical time, according to an official spokesperson.Amarinder conveyed to Sitharaman that for opening the banks, he had asked the state finance department to issue necessary guidelines to facilitate the common man in meeting his banking requirements.In addition to the Pun…

GST: Industry hails govt, RBI relief measures

The trade and industry has welcomed the announcement made by Finance Minister Nirmala Sitharaman and RBI Governor on Friday to combat the economic stress that is setting in across sectors.“We appreciate the government for extending the deadline for compliance requirements under the Income Tax Act, GST, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, Commodity Transaction Act. The extension of timelines by three months up to June is a major relief for the industrial sector and public at large,” said V Venugopal, President, Cochin Chamber of Commerce and Industry.The cut in repo rate, reverse repo rate and Cash Reserve Ratio (CRR) will provide the much-needed impetus to the economy.The RBI’s decision to permit all commercial banks, cooperative banks, all India financial institutions and NBFC’s to allow moratorium of three months on repayment of EMIs will play a crucial role in supporting the industry and the public who are struggling to make both ends me…

GST: Restaurants urge mall owners, landlords to waive rentals, CAM charges till June

The restaurant industry has urged mall owners and landlords for complete waiver on rental and CAM (Common Area Maintenance) charges till June or till the time the country is under lockdown to battle Covid-19 outbreak.In an open letter to landlords of the F&B industry, the National Restaurant Association of India (NRAI) said:, “While this shutdown may continue for a month or two, we will take many more months after that to get back on our feet and we will not be able to sail through this period smoothly without your support.”The industry body has also urged landlords to waive off minimum guaranteed rents for a period of six months after resumption so that restaurant businesses can sustain.Anurag Katriar, President of NRAI, said, “As very critical partners in our business, we seek support from the landlords across the country. Some of the big mall owners such as the Lulu Group, Lodha Group, Forum and Vegas have already announced immediate interim relief and we request other mall own…

40% Discount on Self-Learning Course on GST & Income Tax by TaxGuru Edu

40% Discount on Self-Learning Certification Course on GST and Income Tax by TaxGuru Edu Sharpen your skills while in Quarantine. As our country fights the Covid-19 and we are all in a lockdown for 21 days, TaxGuru Edu aims at making your quarantine – a quality time. Through the self-learning courses, we hope to give you a […]

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Transfer of Input Tax Credit of GST in case of Demerger

Note on Transfer of ITC on account of Demerger Reference: Circular No.133/03/2020-GST This article is made to brought some clarity in transaction regarding Transfer of ITC in case of Demerger of a Business Unit as per Section 18(3). Before getting into topic it is important to have a brief of Section 18(3). As per Section […]

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Place of Supply under GST- Section wise Analysis

Article explains Place of supply, Place of supply of service where the location of supplier or recipient is outside India and Place of supply of service where location of supplier & recipient in India:- Place of Supply of Goods: Sec Particulars Place of Supply 10(1) Supply of goods within India a) Involves movement of goods […]

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Impact of GST on Advances/Security Deposit Etc.

One of most important decisions taken by Central Government is the implementation of Goods and Services Act, 2017 all over India. Implementation of GST has been done to remove anomalies in previous VAT/Services Tax and other taxes. In previous tax regime, end users were enforced to pay tax on taxes. The Cascading Affect of taxes […]

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Compliance Guide of Your Online Business

It’s the era of e-commerce. Shopping websites are much more than just online shopping destinations. Many MSME Start-ups have started working through e-business mode. After you’ve evaluated your online store idea and have a plan for product sourcing, it’s highly recommended that you research any financial & tax related regulations that may affect you when […]

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