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Refund of ITC to Merchant Exporter
GST Refund
CA. Kapil Mittal

GST on supplies by Merchant Exporter and Refund to Merchant exporter

Recently CBIC has released a clarification on how merchant exporter can claim Refund of accumulated ITC to Merchant Exporter where supplies have been made by him taking benefits to vide notification no. 40/2017-Central Tax (Rate), Dated: October 23, 2017 & Notification No. 41/2017-Integrated Tax (Rate), dated the 23rd October, 2017 1. GST on supplies by Merchant Exporter Central Board of Indirect Taxes (“CBIC” or “Department”) has exempted supplies to merchant exporters from Goods and Service Tax (“GST”) leviable in excess of 0.10% vide notification no. 40/2017-Central Tax (Rate), Dated: October 23, 2017 & Notification No. 41/2017-Integrated Tax (Rate), dated the

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10/04/2019
refund of ITC to fabric manufacturer
GST Refund
CA. Sachin Jindal

Refund of ITC to fabric manufacturer and textile job worker

Refund of accumulated Input tax credit to fabric manufacturer and fabric processor in textile sector on account of inverted duty structure has been disallowed initially. Such dis-allowance was in pursuant to power vested under section 54(3), department issued Notification No. 5/2017-Central tax (Rate) dated 28th June, 2017 wherein it specified list of items on which no refund will be allowed on ground of inverted duty structure. There after some major circular and notification have been issued by department to allow refund of ITC to fabric manufacturer and textile job worker on account of inverted duty structure. Accordingly, the latest CBIC

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10/04/2019
Transfer of ITC in case of Death of Sole Proprietor
Circulars
CA. Kapil Mittal

Transfer of ITC in case of Death of Sole Proprietor

[toc] Provisions for Transfer of Input tax credit to new business in case of transfer of business has been given under Section 18, Section 29 and Rule 41(1) of CGST Act 2017. Provision under these sections and rules provide transfer of ITC on account of sale, merger, demerger, amalgamation, lease or transfer of the business. However these provision does not clearly specify transfer of ITC in case of death of sole proprietor. Several doubt has been raised in case of transfer of ownership on account of death of sole proprietor and consequently transfer of ITC to new business. To clarify

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02/04/2019
Verification of GST Registration
Registration
CA. Sachin Jindal

Verification procedure before granting new GST Registration

Recently Central Board of Indirect Taxes and customs (“CBIC” or “Department”) via circular no. 95/14/2019-GST dated 28th March, 2019 has issued verification procedure before granting new GST registration where Verification procedure for GST Registration is discussed in detail. Such Verification procedure for GST Registration can be taken in the following cases. Where the tax payer is seeking another registration within the State although he has an existing registration within the said State Where earlier GST registration has been cancelled by department. 1. Verification procedure for GST Registration While granting GST registration, proper officer is required to exercise due care in

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01/04/2019
How to report Interstate sales to unregistered person in GSTR-3B
Circulars
CA. Kapil Mittal

How to report Interstate supply to unregistered person in GSTR-3B

Goods and service Tax (“GST”) is a consumption/destination based tax, i.e., GST revenue generated out of supply of goods/services accrues to that state wherein such goods/services gets consumed. Information about consuming states is collected by government from data provided by the taxpayers in their GST returns. Accordingly, in case of inter-state supply (from one state to another), to ensure correct allocation of revenue among states, details of consuming states (i.e., place of supply) is required to be correctly reported in GST returns. However, it has been noticed by the department under GST Audit that taxpayers have failed to report inter-state

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21/02/2019
Information on Tax Invoice - GST
Circulars
CA. Sachin Jindal

Missing information in Tax Invoice leads to Penalties u/s 125 and 122

Department has instructed vide circular 90/09/2019-GST dated 18th February, 2019 that all registered taxpayers are required to mention place of supply and name of state on tax invoice while making inter-state supply. Contravention will lead to invocation of penalty proceedings against taxpayer under section 122 or 125 of CGST Act.

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21/02/2019
gst amendment act 2018
Goods and Service Tax
CA. Sachin Jindal

GST Amendment Act, 2018 & Its Impact: 20 Major Changes

THE CENTRAL GOODS AND SERVICE TAX (AMENDMENT) ACT, 2018 With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018, and GST Amendment Act (Compensation to States), 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr February 2019. Keeping in view the implementation of the amendments made in the GST taking place from 1st Feb 2019, it is highly recommended that you must be aware of the changes that have been made in order

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04/02/2019
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