Process of claiming refund of GST on export electronically
Here, I aim to discuss the new procedures around claiming refund of GST for businesses engaged in export of goods or services. Earlier due to the unavailability of electronic fund module on common portal, a temporary mechanism was devised and implemented wherein applicants were required to file the refund of application and the supporting documents […]
Credit note: How & when to issue under GST
What is a Credit note? Where a tax invoice has been issued for supply of any goods or services and the taxable value or tax charged in that tax invoice is found to exceed the taxable value or tax payable in respect of such supply, or where the goods supplied are returned by the recipient, or where goods or services […]
Ineligible Input tax credit under GST
Ineligible Input tax credit under GST Following are the goods and services where the GST law has imposed restriction while availing GST input tax credit, primarily called as Ineligible Input tax credit. We will discuss about the extent and eligibility of ITC of these goods and services. 1. ITC for Motor Vehicles is not available. […]
Applicability of TCS under GST & it’s impact on E-commerce
Applicability of TCS under GST & it’s impact on E-commerce The deferred TCS provisions has now become applicable w.e.f. 01st October 2018 and we aim to discuss how is it going to impact the E-commerce sector, what would they need to do as E-commerce operator and seller registered on E-commerce platforms. TCS under GST refers to […]
Input credit under GST
Input credit under GST What is Input credit In simple words taking input, credit means taking credit of GST paid on various purchases A registered person is entitled to take credit of GST charged on the purchase of goods or services which are used or intended to be used in the course or furtherance of his business […]
GST on import of goods and services
Imports under GST GST has subsumed the major indirect taxes, however, import duty such as Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard duty, etc. will continue. The additional duties of Customs i.e. the Countervailing Duty (CVD) and Special Additional Duty of Customs (SAD), would be replaced with the levy of Integrated Goods and Services […]
Procedure to claim refund on export under GST
A proper refund mechanism is necessary for effective tax administration, as trade is facilitated via the release of blocked finances for modernization, expansion and working capital requirements of a business. Here we are discussing about how to apply for refund for export in GST, we first need to understand the “Meaning & taxability of export […]