News and Announcements

The 2nd National GST Conference: Decisions Made on Streamlining The Goods and Service Tax System

The 2nd National GST Conference of the State Tax Commissioners and the Chief Commissioners of Central Tax held on 7th January 2020 in Delhi. Under the chairmanship of Dr. Ajay Bhushan Pandey, Revenue Secretary, Ministry of Finance, the main motto of this conference was to discuss and streamline the Goods and Service Tax system. The key focus of the was to find 2nd National GST Conference out and plug revenue leakages. 1. A Brief of The 2nd National GST Conference This was only the 2nd edition of all India Conference. Both central and states’ tax administrations were present to build the synergy

13/01/2020

GST Refund

IGST Refund to exported| Mismatch between GSTR-1 & GSTR-3B

“Export” is considered as a major contributor to any economy and therefore, government makes all possible efforts to increase it. For this purpose, exports are kept free from any kind of taxes including Goods and Service Tax. To substantiate such principle, export of goods or services or both has been classified as “Zero Rated Supply” under Integrated Goods and Service Tax, 2017 (“IGST Act”) and accordingly, such supply is not liable to Goods and Service Tax (“GST”). To claim benefit of such “zero rated supply”, GST law provides for either of the following options: Exporter may export goods without payment

14/09/2019

Turnkey project under GST - Composite supply vs Works Contract

Goods and Service Tax

AAR rules on classification of Turnkey project under GST – Composite supply vs Works Contract

Classification of large infrastructure projects involving both goods and services portions is a complex task. There has been a debate on classification of turnkey projects as composite supplies as against works contracts. The Hon’ble Authority for Advance Ruling, Maharashtra (‘AAR’) in the case of In Re: Ms/ Jalaram Feeds (GST-ARA-83/2018-19/B-03) vide order dated 8 January 2019 had an opportunity to examine such a factual situation. On facts, the AAR ruled that the turnkey project should be classified as composite supply of naturally bundled goods and services and not as a works contract. 1. Facts of the case related to the

03/07/2019

Circulars

Impact of GST on Sales Promotion schemes

Applicability and Impact of Goods and Services Tax (‘GST’) on sale promotion schemes has always been a contention of litigation since the start of GST.

11/03/2019

Goods and Service Tax

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

04/02/2019

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

News and Announcements

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

[toc] 1. CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS) Based on the following source of information, Non-Filers Monitoring System (NMS) identify / monitors the persons who enter into high value transactions and have potential tax liabilities, however, the tax return of such person are still not filed such as – Statement of Financial Transaction, Tax Deduction at Source, Tax Collection at Source, Information about foreign remittances, Export and imports data etc. With a view to reduce the compliance cost of the taxpayer, the department has enabled e-verification of all these Non-Filers Monitoring System (NMS) cases. Information relating to the

24/01/2019

GST treatment on export of services partly rendered by third parties outside India

There are two services transactions taking place:

Export of services by the exporter to service recipient outside India for the full contract value
Import of services by the exporter from service provider (foreign outsourced contractor) located outside India with respect to the outsourced portion of the contract.

09/01/2019

Refund of accumulated Input Tax Credit of Compensation Cess

Exports of Goods and Services

Refund of accumulated Input Tax Credit of Compensation Cess

Registered person making export of goods under LUT shall be eligible for claiming the refund of compensation cess paid on inputs used for making such supplies

09/01/2019

Refund-of-all-unutilised-ITC-on-Inputs-Refund-under-Inverted-duty-structure

Exports of Goods and Services

Refund of all unutilised ITC on Inputs – Refund under Inverted duty structure

Where there are multiple
inputs attracting different rates of tax, in the formula provided in rule 89(5) of the
CGST Rules, the term „Net ITC‟ covers the ITC availed on all inputs in the relevant
period, irrespective of their rate of tax.

09/01/2019

GST Refund

Updated GST refund filing and claims process

Introduction In order to facilitate a smooth flow of GST refund filing and claims process, the Central Board of Indirect Taxes and Customs (‘CBIC’) has strived to implement a hassle-free refund process at every stage. In line with this objective, the GST Council, in its 31st meeting held on 22 December 2018 has rationalised and introduced several taxpayer friendly measures in the GST refund filing and claims process. In addition, several clarifications on procedural aspects of refund claims, jurisdiction, inverted duty structure, compensation claims, Input Tax Credits etc. have been issued which would bring in practical clarity on the process

09/01/2019

Archives

The 2nd National GST Conference: Decisions Made on Streamlining The Goods and Service Tax System

IGST Refund to exported| Mismatch between GSTR-1 & GSTR-3B

AAR rules on classification of Turnkey project under GST – Composite supply vs Works Contract

Impact of GST on Sales Promotion schemes

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

CBDT Identifies Non-Filers Through Non-Filers Monitoring System (NMS)

GST treatment on export of services partly rendered by third parties outside India

Refund of accumulated Input Tax Credit of Compensation Cess

Refund of all unutilised ITC on Inputs – Refund under Inverted duty structure

Updated GST refund filing and claims process

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