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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 Finance& States/ UTs.  The GST Council has made the following...
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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 be eligible for recognition as a status holder. Status recognition...
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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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Recent News

Recommendations of the 42nd GST Council Meeting
October 5, 2020
Status Holder or Export House
August 1, 2020
Refund of unutilised ITC under Inverted duty structure
August 1, 2020

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