GST : Frequently Asked Question (FAQs) On Export Q 1. How are exports treated under the GST Law? Ans. Under the GST Law, export of goods or services has been treated as: inter-State supply and covered under the IGST Act. ‘zero rated supply i.e. the goods or services exported shall be relieved of GST levied upon them…
Read MoreIncome Tax Return filing date extended to 05.08.2017 The last date for filing income-tax returns this year has been extended to August 5. The original deadline for filing income tax returns for FY 2016-17 (AY 2017-18) was July 31, 2017 for assessee not covered under audit. The extension is a welcome relief for a large…
Read MoreExemptions given to Private Companies (OPC/ Small/ Dormant/ Start-up) Summary of Notification dated 13th June, 2017 to exempt private companies as per Section 462 of the Companies Act 2013 Serial number Section in the Companies Act, 2013 Earlier Provisions Amendments Conclusion (1) (2) (3) (4) (5) 1. Section- 2(40)- Financial Statement “financial statement” in relation to…
Read MoreThe Indian Accounting Standards (Ind AS) converged with the International Financial Reporting Standards (IFRS) shall be applicable to the companies as follows: (i) Voluntary Compliance: Any company (and its holding, subsidiary, JV, associates) may comply with Ind AS for accounting period commencing on or after 01.04.2015 (ii) Mandatory Compliance: (a) On or after 01.04.2016 i.e.…
Read MoreDate for Opting Composition Scheme under GST extended till 16.08.17 The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16, 2017. Small businesses with turnover of up to Rs 75 lakh earlier had time till 21st July 2017 to…
Read MoreNO TDS on GST Component- Circular No. 23/2017 dated 19.07.2017 CBDT hereby clarifies that TDS shall be deducted on the amount paid or payable without including such ‘GST on services’ component if the GST amount is shown separately on the invoice. In other words, TDS will not be deducted on GST components of the invoice in…
Read MoreFrequently Asked Questions on GST: Question Answer Registration 1 Does aggregate turnover include value of inward supplies received on which RCM is payable? Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis. 2 What if the dealer migrated…
Read MoreNowadays there is confusion among exporters regarding applicability of GST. In Previous tax regime, exporters of Services were not required to submit any Bond or Letter of Undertaking before or after export of services. Further,exporters were not required to pay any Tax on such Export of Services before or after exports are affected and to…
Read MoreAccounts & Records To Be Maintained Under GST (Sec. 35, 36 & Rules 56 to 58 of CGST Act) Sec. 35 (1) – Every registered person shall keep and maintain at his Principle Place of Business, true and correct account of: a) Production or manufacture of goods; b) Inward and outward of goods or services…
Read MoreSection Wise Penalty under GST: Section Details of Failure/ Person liable to Pay Penalty 47(1) Any Registered person who fails to furnish returns i.e. details of Outward supplies or Inward supplies Late Fees of Rs 100 per day per Act subject to maximum of Rs. 5000/- per Act. 47(2) Failure to furnish Annual return u/s…
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