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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 tax liability. However, the GST Law permits refund of unutilised...
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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 service provider is taking benefits under the Foreign Trade Policy....
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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 goods, where an Importer has to undertake an export obligation...
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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, may also be allowed. Advance Authorisation is issued Advance Authorisation...
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Recent News

E-Invoicing compulsory for taxpayers with aggregate turnover above 50 crores from 1 April 2021
March 16, 2021
Extension of due dates for Annual Return and Reconciliation Statement for 2018-19
October 24, 2020
Due date of furnishing of Income Tax Returns and Audit Reports Extended
October 24, 2020

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