FAQ on Export by CBEC

 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 More

Applicability of Ind AS/ IFRS

The 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 More

FAQs on GST

Frequently 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 More

Penalties under GST

Section 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…

Read More