Article In any type of businesses, an accountant is needed. You have to consider that accounting is basically the language in business and having enough knowledge about accountancy is essential for businessmen and women to know how their business is doing. This is why accounting professionals are very much in demand today. And, a lotRead More
Sometimes, a person obtains GST registration in a state where corporate office is situated. There may be situation that he gets the assignment in another state. Specifically in construction industry it is generally happens that a person is registered in another state, and he receives a construction contract in a different state. Thus, question mayRead More
Prior to levy of introduction of GST, several indirect taxes were existing. GST has subsumed a number of indirect taxes being levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. To carry forward pre-GST credits toRead More
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 shallRead More
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 outputRead More
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 theRead More
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 importedRead More
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,Read More