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Ministry of Finance on 24.10.2020 issued press release for Extension of due dates for Annual Return and Reconciliation Statement for 2018-19. The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account...
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In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by...
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The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of...
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Status Holders are business leaders who have excelled in international trade and have successfully contributed to country’s foreign trade. Status Holders are expected to not only contribute towards India’s exports but also provide guidance and handholding to new entrepreneurs. Eligibility:   All exporters of goods, services and technology having an import-export code (IEC) number shall...
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Refund of unutilised ITC under Inverted duty structure When the tax paid on input supply (ITC) is more than the output tax liability then ITC accumulated. Such accumulation will have to be carried over to the next financial year till such time as it can be utilised by the registered person for payment of output...
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IMPORTER EXPORTER CODE (IEC) An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the...
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EPCG (EXPORT PROMOTION CAPITAL GOODS) SCHEME: The objective of scheme is to facilitate import of capital goods for producing quality goods and services and enhance India’s manufacturing competitiveness. EPCG Scheme allows the import of capital goods at zero rate of customs duty, subject to precondition of export of goods produced with the help of imported...
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Advance Authorisation: Advance Authorisation is one of duty exemption scheme provided under the foreign trade policy. Advance Authorisation is issued to allow the duty-free import of input which is physically incorporated in export product (making normal allowance for wastage). In addition, fuel, oil, catalyst which is consumed/utilized in the process of production of export product,...
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Under GST Law, Government also provides refunds in many cases. Government has also prepared various provisions so that person filing refund may receive the refund within reasonable time. Rule 90 of CGST Rules, 2017 provide the time limit within an acknowledgement or deficiency letter should be issued to applicant of refund. As per Rule 90(2)...
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