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 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 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…
Read MoreReverse Charge on specified Goods & Services Section 9(3) of CGST/SGST acts provides that, Government may specify categories of supply of goods or services which shall be paid on reverse charge basis i.e. tax shall be paid by the recipient of such goods or services. In this regards two notifications have been issued providing the…
Read MoreStock in Hand under GST – Treatment of CENVAT Credit and VAT Credit While understanding the transitional provisions under GST, a repeated and imminent query which we are faced with is the treatment of CENVAT and VAT Credit in respect of stock held on 30th June 2017 which will be sold post 1st July 2017 i.e., after implementation of…
Read MoreGST Rules for Small Business/ Traders: 1. Type of Sale a. Local Sale (Within the State) – Two taxes – a. SGST b. CGST. Rate of Tax (for example 14% + 14%) total 28% will be applicable. b. Central Sale ( Outside State)- Only one tax – IGST – Rate of Tax for example 28%…
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