The document discusses key provisions related to exports of goods in the GST regime, including definitions, rules and procedures for claiming refunds on zero-rated supplies. It provides details on sections and rules governing zero-rated supplies, input tax credit, blocked credits, and the options and processes for claiming refunds on exports - either without payment of tax by furnishing a letter of undertaking or bond, or by paying tax upfront and then claiming refund. It also summarizes the relevant circulars issued with respect to furnishing letters of undertaking or bonds for exports.
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
GST Provisions relating to Export, import, sez etcCA Mukesh Sharma
The document discusses key aspects of export and import of goods and services under GST. It explains that export of goods is treated as zero-rated supply and does not require fulfillment of additional conditions like export of services. Import of goods into India would be treated as an inter-state supply and subject to integrated tax. The document also discusses important points regarding imports including time and place of levy of tax, availability of input tax credit, and valuation for tax purposes. High sea sales occurring before goods cross Indian customs frontiers are treated as inter-state supplies subject to integrated tax.
This notification provides an exemption from central tax for intra-state supply of goods by a registered supplier to a registered recipient for export, with the tax levied reduced to 0.05% from the standard rate. Several conditions are outlined for the supplier and recipient to qualify for the exemption, including the supplier issuing an invoice, the recipient exporting goods within 90 days and providing shipping documentation to the supplier. The supplier is not eligible for exemption if the recipient fails to export within 90 days of invoicing.
This document discusses the meaning of "supply" under the Integrated Goods and Services Tax (IGST) Act of 2016 in India. It defines supply as the levying of tax on the supply of any goods and/or services in the course of inter-state trade or commerce. A supply includes various forms of supply of goods and services for consideration during the course of business. It also discusses what types of transactions are considered a supply, including those in Schedules II and I of the IGST Act, and those that are specifically excluded from being a supply under Schedules III and IV. Composite and mixed supplies are also summarized.
The document outlines rules related to CENVAT credit in India. Some key points:
- CENVAT credit allows manufacturers and service providers to claim credit for excise and customs duties as well as service tax paid on inputs and input services.
- Inputs include goods and services used directly or indirectly in the manufacture of final products or provision of output services.
- CENVAT credit can be claimed for specified duties and taxes paid on inputs received on or after September 10, 2004 and input services received on or after this date.
The document provides a summary of recent GST updates from the Central Board of Excise and Customs (CBEC) in December 2017, including:
1. Notifications extending various GST return filing deadlines to January 31, 2018.
2. Circulars clarifying issues regarding tax treatment of art supplies and maintenance of account books for auctioneers.
3. A circular outlining the manual process for filing refund claims until the online system is available, including refunds for inverted duty structures, deemed exports, and excess ledger balances.
Gst with exports notes of sg institute export import expertiseSANJAY SONAWANE
SG Institute of Tax & Exim Management : Part Time Short Terms Advanced Certificate Courses On Export Import Management & Direct Indirect Taxes , Including Latest Complete Goods & Service Tax(GST)
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
GST rolled out in India from 01/07/2017. Changes have been made very frequently. I have made an attempt to clarify the GST law related to exports/SEZ supplies and Deemed exports, issues in GST law vis-a-vis exports/SEZ supplies and Deemed exports.
Suggestions and queries are cordially invited.
GST Provisions relating to Export, import, sez etcCA Mukesh Sharma
The document discusses key aspects of export and import of goods and services under GST. It explains that export of goods is treated as zero-rated supply and does not require fulfillment of additional conditions like export of services. Import of goods into India would be treated as an inter-state supply and subject to integrated tax. The document also discusses important points regarding imports including time and place of levy of tax, availability of input tax credit, and valuation for tax purposes. High sea sales occurring before goods cross Indian customs frontiers are treated as inter-state supplies subject to integrated tax.
This notification provides an exemption from central tax for intra-state supply of goods by a registered supplier to a registered recipient for export, with the tax levied reduced to 0.05% from the standard rate. Several conditions are outlined for the supplier and recipient to qualify for the exemption, including the supplier issuing an invoice, the recipient exporting goods within 90 days and providing shipping documentation to the supplier. The supplier is not eligible for exemption if the recipient fails to export within 90 days of invoicing.
This document discusses the meaning of "supply" under the Integrated Goods and Services Tax (IGST) Act of 2016 in India. It defines supply as the levying of tax on the supply of any goods and/or services in the course of inter-state trade or commerce. A supply includes various forms of supply of goods and services for consideration during the course of business. It also discusses what types of transactions are considered a supply, including those in Schedules II and I of the IGST Act, and those that are specifically excluded from being a supply under Schedules III and IV. Composite and mixed supplies are also summarized.
The document outlines rules related to CENVAT credit in India. Some key points:
- CENVAT credit allows manufacturers and service providers to claim credit for excise and customs duties as well as service tax paid on inputs and input services.
- Inputs include goods and services used directly or indirectly in the manufacture of final products or provision of output services.
- CENVAT credit can be claimed for specified duties and taxes paid on inputs received on or after September 10, 2004 and input services received on or after this date.
The document provides a summary of recent GST updates from the Central Board of Excise and Customs (CBEC) in December 2017, including:
1. Notifications extending various GST return filing deadlines to January 31, 2018.
2. Circulars clarifying issues regarding tax treatment of art supplies and maintenance of account books for auctioneers.
3. A circular outlining the manual process for filing refund claims until the online system is available, including refunds for inverted duty structures, deemed exports, and excess ledger balances.
Gst with exports notes of sg institute export import expertiseSANJAY SONAWANE
SG Institute of Tax & Exim Management : Part Time Short Terms Advanced Certificate Courses On Export Import Management & Direct Indirect Taxes , Including Latest Complete Goods & Service Tax(GST)
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
This document discusses various aspects of CGST/SGST levy and collection under Section 9 of the CGST Act, including:
1. Rates not exceeding 20% apply to intra-state supplies except alcoholic liquor for human consumption.
2. Petrol and its by-products shall be levied with effect from the date notified by the government based on council recommendations.
3. For mixed and composite supplies, the highest tax rate among the goods or services in the combination is applied to calculate tax liability for mixed supplies, while the rate applicable to the principal supply is applied for composite supplies.
This document is the Value Added Tax Act of Bangladesh from 1991. Some key points:
- It establishes a 15% value added tax on most goods imported into or produced in Bangladesh, as well as services rendered in Bangladesh, with some exemptions.
- Zero-rated tax applies to exported goods and services.
- VAT is paid by importers on imported goods, producers/manufacturers on goods produced locally, service providers for services, and suppliers in other cases.
- It defines various terms related to VAT like input tax, output tax, taxable goods and services, and establishes rules around determination of the tax base and timing of tax payments.
OBJECTIVES:
Definition
Position under Service Tax and VAT
Position under GST
Composite supply
Taxability of Works contract
Provisions relating to Input tax credit
This document outlines rules related to Value Added Tax (VAT) in Bangladesh. It discusses several key points:
1) It defines important terms related to VAT such as "tax", "registered person", and "divisional officer".
2) It establishes procedures for registered persons/businesses to declare the value of goods and services for tax assessment purposes using specified forms. It also allows for reassessment of declared values.
3) It provides rules for businesses with annual turnover under 20 lakh Taka to pay a flat 4% "turnover tax" by enlisting with tax authorities and filing periodic returns. Higher penalties are outlined for noncompliance.
4) It delegates powers to VAT officers to
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
The document discusses service tax implications in the real estate sector in India. It defines key terms like services, renting of immovable property, and works contracts. It outlines that renting is taxable, with exemptions for residential use. Construction is taxable with abatements, while sale after completion certificate is exempt. Works contracts are taxable based on segregation of material and labor costs. The document also provides case studies on applicability of taxes to construction of hospitals, roads, and renting arrangements with mixed-use properties.
This document provides an overview of key GST concepts including levy and collection, composition levy, input tax credit, registration procedures, tax invoices, and other documentation.
The main topics covered are levy and collection of CGST and SGST, composition levy eligibility and conditions, input tax credit eligibility and components, registration procedures including application, amendment and cancellation, and requirements for tax invoices, credit/debit notes, receipt/refund vouchers, and payment vouchers.
This document discusses GST implications for works contracts and real estate transactions in India. Some key points:
- Works contracts are treated as supply of services under GST. Rates are 18% generally, but some specified contracts are 12%. Labour contracts are 18% except for certain exemptions.
- For builders selling flats/villas, the activity is treated as supply of service if any amount is received before completion. Rate is 18% with 1/3 deduction for land.
- For landlord share of construction, it is a works contract with the non-monetary consideration of land. Valuation methods are discussed and rate would be 18%.
- Plot sales are not taxable generally but development
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
This document provides an overview of supply of goods and services under the GST regime. It defines key concepts such as supply, composite supply, mixed supply, time and place of supply, and taxable value. It distinguishes between inter-state and intra-state supply. Various types of supplies such as sale, transfer, barter, rental are explained. The document also discusses composite supply vs mixed supply and sets out the applicable GST rates. It concludes by summarizing the provisions relating to time and place of supply of goods and services.
The builder has the option to value the works contract service as per Rule 2A or as per Section 67 read with Rule 5 of Service Tax (Determination of Value) Rules, 2006. Rule 2A provides the specific method of valuation for works contract service but it is not mandatory. The service provider can choose to value its works contract service as per any other method prescribed under the Valuation Rules.
So in this case, the builder engaging sub-contractors is not mandatorily required to value the works contract service as per Rule 2A. It can choose any other valuation method prescribed under the Valuation Rules.
The document provides an overview of key aspects of the Integrated Goods and Services Tax (IGST) Act in India. It notes that IGST is levied on all inter-state supplies of goods and services at a rate not exceeding 40%. Zero-rated supplies that allow for input tax credit include exports and supplies to special economic zones. Advance rulings under the IGST Act provide binding guidance on issues like classification and taxability. Refund provisions exist for taxes wrongly paid and for goods purchased in India by international tourists.
This document provides the laws of Kenya relating to value added tax (VAT). It begins with a short title and definitions of key terms used in the act such as Commissioner, taxable supply, exempt supply, and registration. It then outlines the administration of VAT and the powers of the Commissioner. The main body of the act covers charges to tax, taxable value, input tax deductions, collection and recovery of tax, objections and appeals, offences and penalties, and miscellaneous provisions. Schedules at the end provide details on VAT rates, exempt goods and services, registration requirements, invoices and returns. The act establishes Kenya's framework for administering and collecting VAT.
Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries to keep you on top of the latest tax issues. For more information, please contact your EY advisor. For more information : http://www.ey.com/in/en/services/ey-goods-and-services-tax-gst
OBJECTIVES:
Introduction
Implementation
Requirement to generate an E-Waybill
Persons required to generate E-Way bill
Registration
Generation
Other clarifications
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
The document discusses service tax on works contracts in India. It defines key terms like works contract, service, and original works. Works contracts are taxable for the service portion. There are two options for calculating the service portion - the actual method which involves subtracting input taxes and value of goods from the gross contract value, and the composition method which takes a percentage of the total contract value depending on the type of works contract. Certain construction services provided to government are exempt from service tax.
The document discusses input tax credit (ITC) under the GST Act of 2017. It provides definitions of key terms related to ITC such as input tax, input goods and services, capital goods, and output tax. It outlines the eligibility conditions and limitations for claiming ITC, including possessing valid documents, receiving goods/services, paying suppliers, and filing returns. It discusses apportionment of credit for business and non-business use as well as taxable and exempt supplies. Blocked credits are listed for certain goods/services like motor vehicles. The utilization and ledgers for ITC under GST are also summarized.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Input tax credit (ITC) allows businesses to claim a credit for taxes paid on business inputs to offset against taxes due on business outputs. This helps avoid double taxation (cascading of taxes) and reduces the overall tax burden. Key conditions to claim ITC include possessing a valid tax invoice, having received the goods or services, ensuring the supplier has paid the taxes to the government, and filing applicable returns. ITC can be claimed for both goods and services taxes, subject to restrictions on exempted items. Capital goods purchases also qualify for ITC.
Presentation on Indirect Proposal of Budget 2023.
Our Partner Ramandeep Singh Bhatia presented the same before the august gathering of members from trade and profession.
#GST #tax #gstupdates #gstindia #gstind
#budget2023 #budget
This document discusses various aspects of CGST/SGST levy and collection under Section 9 of the CGST Act, including:
1. Rates not exceeding 20% apply to intra-state supplies except alcoholic liquor for human consumption.
2. Petrol and its by-products shall be levied with effect from the date notified by the government based on council recommendations.
3. For mixed and composite supplies, the highest tax rate among the goods or services in the combination is applied to calculate tax liability for mixed supplies, while the rate applicable to the principal supply is applied for composite supplies.
This document is the Value Added Tax Act of Bangladesh from 1991. Some key points:
- It establishes a 15% value added tax on most goods imported into or produced in Bangladesh, as well as services rendered in Bangladesh, with some exemptions.
- Zero-rated tax applies to exported goods and services.
- VAT is paid by importers on imported goods, producers/manufacturers on goods produced locally, service providers for services, and suppliers in other cases.
- It defines various terms related to VAT like input tax, output tax, taxable goods and services, and establishes rules around determination of the tax base and timing of tax payments.
OBJECTIVES:
Definition
Position under Service Tax and VAT
Position under GST
Composite supply
Taxability of Works contract
Provisions relating to Input tax credit
This document outlines rules related to Value Added Tax (VAT) in Bangladesh. It discusses several key points:
1) It defines important terms related to VAT such as "tax", "registered person", and "divisional officer".
2) It establishes procedures for registered persons/businesses to declare the value of goods and services for tax assessment purposes using specified forms. It also allows for reassessment of declared values.
3) It provides rules for businesses with annual turnover under 20 lakh Taka to pay a flat 4% "turnover tax" by enlisting with tax authorities and filing periodic returns. Higher penalties are outlined for noncompliance.
4) It delegates powers to VAT officers to
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
The document discusses service tax implications in the real estate sector in India. It defines key terms like services, renting of immovable property, and works contracts. It outlines that renting is taxable, with exemptions for residential use. Construction is taxable with abatements, while sale after completion certificate is exempt. Works contracts are taxable based on segregation of material and labor costs. The document also provides case studies on applicability of taxes to construction of hospitals, roads, and renting arrangements with mixed-use properties.
This document provides an overview of key GST concepts including levy and collection, composition levy, input tax credit, registration procedures, tax invoices, and other documentation.
The main topics covered are levy and collection of CGST and SGST, composition levy eligibility and conditions, input tax credit eligibility and components, registration procedures including application, amendment and cancellation, and requirements for tax invoices, credit/debit notes, receipt/refund vouchers, and payment vouchers.
This document discusses GST implications for works contracts and real estate transactions in India. Some key points:
- Works contracts are treated as supply of services under GST. Rates are 18% generally, but some specified contracts are 12%. Labour contracts are 18% except for certain exemptions.
- For builders selling flats/villas, the activity is treated as supply of service if any amount is received before completion. Rate is 18% with 1/3 deduction for land.
- For landlord share of construction, it is a works contract with the non-monetary consideration of land. Valuation methods are discussed and rate would be 18%.
- Plot sales are not taxable generally but development
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
This document provides an overview of supply of goods and services under the GST regime. It defines key concepts such as supply, composite supply, mixed supply, time and place of supply, and taxable value. It distinguishes between inter-state and intra-state supply. Various types of supplies such as sale, transfer, barter, rental are explained. The document also discusses composite supply vs mixed supply and sets out the applicable GST rates. It concludes by summarizing the provisions relating to time and place of supply of goods and services.
The builder has the option to value the works contract service as per Rule 2A or as per Section 67 read with Rule 5 of Service Tax (Determination of Value) Rules, 2006. Rule 2A provides the specific method of valuation for works contract service but it is not mandatory. The service provider can choose to value its works contract service as per any other method prescribed under the Valuation Rules.
So in this case, the builder engaging sub-contractors is not mandatorily required to value the works contract service as per Rule 2A. It can choose any other valuation method prescribed under the Valuation Rules.
The document provides an overview of key aspects of the Integrated Goods and Services Tax (IGST) Act in India. It notes that IGST is levied on all inter-state supplies of goods and services at a rate not exceeding 40%. Zero-rated supplies that allow for input tax credit include exports and supplies to special economic zones. Advance rulings under the IGST Act provide binding guidance on issues like classification and taxability. Refund provisions exist for taxes wrongly paid and for goods purchased in India by international tourists.
This document provides the laws of Kenya relating to value added tax (VAT). It begins with a short title and definitions of key terms used in the act such as Commissioner, taxable supply, exempt supply, and registration. It then outlines the administration of VAT and the powers of the Commissioner. The main body of the act covers charges to tax, taxable value, input tax deductions, collection and recovery of tax, objections and appeals, offences and penalties, and miscellaneous provisions. Schedules at the end provide details on VAT rates, exempt goods and services, registration requirements, invoices and returns. The act establishes Kenya's framework for administering and collecting VAT.
Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They act as technical summaries to keep you on top of the latest tax issues. For more information, please contact your EY advisor. For more information : http://www.ey.com/in/en/services/ey-goods-and-services-tax-gst
OBJECTIVES:
Introduction
Implementation
Requirement to generate an E-Waybill
Persons required to generate E-Way bill
Registration
Generation
Other clarifications
The document provides an overview of VAT implementation in Saudi Arabia. It discusses the purpose of the discussion, which is to provide details on the VAT law, regulations, and implementation process. It covers topics such as VAT treatment by industry, with a deep dive on construction and engineering. It also discusses registration requirements, invoicing requirements, and the VAT return filing process. The overall document aims to outline the VAT framework and next steps for stakeholders in Saudi Arabia.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
The document discusses service tax on works contracts in India. It defines key terms like works contract, service, and original works. Works contracts are taxable for the service portion. There are two options for calculating the service portion - the actual method which involves subtracting input taxes and value of goods from the gross contract value, and the composition method which takes a percentage of the total contract value depending on the type of works contract. Certain construction services provided to government are exempt from service tax.
The document discusses input tax credit (ITC) under the GST Act of 2017. It provides definitions of key terms related to ITC such as input tax, input goods and services, capital goods, and output tax. It outlines the eligibility conditions and limitations for claiming ITC, including possessing valid documents, receiving goods/services, paying suppliers, and filing returns. It discusses apportionment of credit for business and non-business use as well as taxable and exempt supplies. Blocked credits are listed for certain goods/services like motor vehicles. The utilization and ledgers for ITC under GST are also summarized.
The following Presentation enumerates the various provisions w.r.t. ITC, how it can be used,eligibilty and conditions for claiming ITC along with various case studies and illustrations. further, it elaborates the concept of input service distributor.
Input tax credit (ITC) allows businesses to claim a credit for taxes paid on business inputs to offset against taxes due on business outputs. This helps avoid double taxation (cascading of taxes) and reduces the overall tax burden. Key conditions to claim ITC include possessing a valid tax invoice, having received the goods or services, ensuring the supplier has paid the taxes to the government, and filing applicable returns. ITC can be claimed for both goods and services taxes, subject to restrictions on exempted items. Capital goods purchases also qualify for ITC.
Presentation on Indirect Proposal of Budget 2023.
Our Partner Ramandeep Singh Bhatia presented the same before the august gathering of members from trade and profession.
#GST #tax #gstupdates #gstindia #gstind
#budget2023 #budget
The document discusses the eligibility and conditions for claiming input tax credit under the GST Acts. Some key points:
- Input tax includes IGST, CGST, SGST charged on supplies of goods/services to a registered person. It excludes tax paid under a composition scheme.
- A registered person is eligible for input tax credit for inputs used in furtherance of business, provided the invoice/debit note and tax charged is valid.
- Special rules apply for claiming credit on capital goods and in situations like change in registration status.
- Certain items like motor vehicles and goods for personal use are blocked and credit cannot be claimed.
The document provides an overview of key changes and definitions in the CGST Act related to Budget 2018. Some important points include:
- Chapter 1 covers introductory provisions including important definitions like casual taxable person, non-resident taxable person, composite supply, mixed supply, exempt supply, non-taxable supply, and goods and services.
- Chapter 2 deals with tax officers and their powers. Important officers include those appointed by the central and state governments.
- Chapter 3 covers levy and collection of tax including the scope and time of supply, tax liability on composite/mixed supplies, the charging section, reverse charge, and the composition scheme.
- Chapter 4 defines the time and value
Issues in Export & Import of Goods & Services vis-a-vis Foreign Trade PolicyGST Law India
The following presentation enumerates various issues related to import and export of goods under GST like modes of exports, zero-rated supply, supplies to SEZ and others, how to claim refund of ITC and IGST by using different forms. Further, it deals with methods to rectify mistakes in the respective refund forms under GST.
This document provides information on Goods and Service Tax (GST) laws regarding reverse charge mechanism (RCM) in India. Some key points:
1. Under GST law, the government can notify categories of goods or services where tax is to be paid by the recipient of such goods/services under RCM instead of the supplier.
2. Tax is to be paid under RCM by registered recipients on inward supplies of goods or services exceeding Rs. 5000 per day from unregistered suppliers.
3. Notified services and goods where tax is to be paid by the recipient under RCM are provided in the document along with detailed analysis and explanations.
4. The process of discharging reverse charge
DECODING GST- INPUT TAX CREDIT OF CGST, SGST AND IGSTCa Ashish Garg
Basic Concepts of Input Tax Credit, availment, utilization and reversal of input tax credit.
In every value added taxation structure, Input tax credit remains the backbone of such tax structures as it removes the cascading effect of taxes. In GST also being a value added tax, it is the intention of the lawmakers to allow seamless flow of credit in the supply chain and remove cascading effect of taxes.
This document provides an overview of input tax credit under the GST Act. It defines input tax and input tax credit, outlines the eligibility and conditions for claiming ITC, and discusses the time limit. It also covers apportionment of credit and blocked credits, availability of credit in special circumstances like new registration or exempt supplies becoming taxable. The document discusses ITC on capital goods, distribution of credit by an Input Service Distributor, and recovery of excess credit distributed. Overall it serves as a comprehensive guide to the key aspects of input tax credit under Indian GST law.
1. The document discusses key provisions related to the levy and collection of Goods and Services Tax (GST) in India as per the Central GST Act, including:
2. CGST will be levied on all intra-state supplies of goods/services at rates up to 20% as notified by the government. CGST on petroleum products will be levied from a future notified date.
3. The tax liability in some cases like composite/mixed supplies is determined based on the principal/highest taxed supply.
4. Tax can be payable on a reverse charge basis in certain notified categories of supply. Unregistered suppliers must pay tax which registered recipients collect.
5.
This document provides information on export and import procedures in India under the GST regime. It defines key terms related to exports and imports such as export of goods, export of services, import of goods, import of services, and zero-rated supply. It outlines the acts and rules that govern exports and imports. It describes the process for exporting goods from India to overseas locations with or without payment of integrated GST under a bond/letter of undertaking or with payment and claiming a refund. The document provides clarity on eligibility criteria for a letter of undertaking and documents required for a bond/letter of undertaking.
1. The document discusses provisions around input tax credit (ITC) under GST law, including relevant definitions, eligibility conditions, and restrictions.
2. Key conditions for availing ITC include receiving the goods/services, paying the tax to the supplier, filing valid returns, and possessing the required documents. There are also time limits to claim ITC for a financial year.
3. ITC is restricted and apportioned for goods/services used partly for business and non-business purposes, as well as for taxable, exempt and non-taxable supplies. Certain blocked credits are also specified.
4. Banks and financial institutions have an option to either comply with the general apportionment
1. The document discusses input tax credit under the Goods and Services Tax (GST) in India. It provides definitions of key terms related to input tax credit like input, input service, capital goods, and input tax.
2. It summarizes the conditions for claiming input tax credit, such as possessing valid tax invoices, receiving the goods or services, ensuring the tax has been paid to the government, and filing returns. There are also time limits for claiming input tax credit.
3. The document outlines circumstances where input tax credit is not available, such as when goods or services are used for non-business purposes or making exempt supplies. It also discusses provisions for apportioning credit between taxable and exempt
The document provides an overview of input tax credit under the Goods and Services Tax (GST) law passed in India on March 27, 2017. It discusses the key sections related to eligibility for ITC, conditions for claiming ITC, blocked credits, apportionment of credit, availability of credit in special circumstances such as job works, and time limits for availing credits. Key points include that only registered taxpayers can claim ITC, ITC must be claimed on invoices for goods/services received and taxes paid, and certain items like motor vehicles and health/beauty services have restricted or blocked ITC.
Matching concept, E way bills and SEZ.pdfamitaYadav40
The document summarizes key concepts related to matching and mismatching of input tax credits under GST, as well as e-way bills. It discusses how input tax credits must be matched between supplier and recipient invoices, integrated goods and services tax, and to prevent duplication of claims. It then describes the introduction and generation of e-way bills when goods valued over Rs. 50,000 are transported, as well as required documents. Specific cases where e-way bills are not needed are outlined, along with details on special economic zones and their treatment under GST.
This document provides an overview of key concepts related to the Goods and Services Tax (GST) regime in India, including the concept of supply, nature of supply, GST rates and exemptions, input tax credit, returns, documentation, and tax deducted at source. It defines supply, explains the dual GST structure of CGST and SGST/IGST, and clarifies whether transactions constitute intra-state or inter-state supply. Schedules are referenced that specify activities treated as supply and clarify supply of goods versus services. The time of supply is also summarized based on the type of transaction.
customs duty in goods and services tax after GSTreshmabkr91
The document discusses customs duties in India under the Customs Act of 1962. It covers:
1) Basic customs duty is levied on imported/exported goods at rates specified in the Customs Tariff Act. Additional duties like countervailing duty, special additional duty, and integrated GST are also levied on goods.
2) The taxable event for customs duty is import/export of goods. Import is bringing goods into India and export is taking goods out of India.
3) Valuation of imports for duty is based on the transaction value which includes the price paid plus other costs. Adjustments may be made and conversion to Indian rupees is at the exchange rate on the date
Input tax credit (ITC) is a key feature of GST that aims to avoid cascading of taxes or "tax on tax". Under the current system, taxes paid at each stage of production and distribution cannot be offset, resulting in higher prices for consumers. GST will allow businesses to claim ITC for taxes paid on inputs at each stage of the supply chain. This will ensure that only the value added at each stage is taxed, eliminating cascading of taxes. ITC has to be claimed within time limits and is subject to certain restrictions to prevent misuse or use for non-business purposes. The seamless availability of ITC across India will create a common national market and boost economic growth.
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 20.10.2020. Good day ahead.
"Without knowledge action is useless and knowledge without action is futile"- Good morning, attached today's newsletter 17.10.2020. Have a great weekend.
"Knowledge is like money: to be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value"- Hi attached today's Newsletter 13.10.2020. Good Day ahead.
This daily newsletter provides legal updates from various authorities like AAAR, NCLT, NCLAT and High Courts/Supreme Court on topics like GST, insolvency and corporate laws. It also includes announcements from ICAI and ICSI on examinations, webinars, and other programs. Regulatory updates from RBI, SEBI on revised FAQs on insider trading regulations and inter-scheme transfers are also included. Reports on MSME loans under credit guarantee scheme touching Rs. 1.87 lakh crores benefiting 50.7 lakh MSMEs and extension of interest subvention scheme for MSME loans are part of the economic and finance news.
This daily newsletter provides updates on Indian tax laws, corporate laws, and economic policies. It summarizes recent notifications on e-invoicing requirements being relaxed until October 31st for certain businesses. It also summarizes GST revenue collection amounts for September 2020. Additionally, it announces upcoming training events and links to papers on insolvency and bankruptcy laws in India.
The document is a newsletter providing updates on various legal, regulatory and economic topics. It summarizes recent notifications, circulars, and amendments related to GST, income tax, insolvency and bankruptcy code and other topics. It also provides brief summaries of recent court judgments. The key updates include amendments to CGST Act 2017, extension of various GST compliance deadlines, updates on tax refunds and changes to the insolvency examination syllabus.
“That knowledge which purifies the mind and heart alone is true knowledge, all else is only a negation of knowledge.” Hi Good morning, attached today's Newsletter 30.09.2020. Good Day ahead.
“Education is the ability to listen to almost anything without losing your temper or self-confidence.” Hi good morning, attached today's newsletter 29.09.2020
“Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have.” Good morning, attached today's newsletter 26.09.2002
In today’s environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it.- Good morning attached today's newsletter 25.09.2020.
Knowledge is always changing. For the moment, the best approach to managing it is one that keeps things moving along while keeping options open. Good morning attached today's Newsletter 19.09.2020.
“Knowledge is like a garden; if it is not cultivated, it cannot be harvested.” Hi Good morning, attached today's newsletter dated 17.09.2020. have a great day ahead
The more extensive a man’s knowledge of what has been done, the greater will be his power
of knowing what to do"- Good Morning, attached today's newsletter 11.09.2020. Have a great weekend.
This document is a daily newsletter covering topics related to indirect taxes, direct taxes, corporate law, insolvency and bankruptcy, SEBI updates, MSME related updates, RBI updates, and economy and finance. It provides summaries of recent notifications, circulars, press releases, and legal updates. It also summarizes some news articles related to the covered topics. The newsletter is intended to keep professionals updated on recent changes and developments.
This presentation by OECD, OECD Secretariat, was made during the discussion “Pro-competitive Industrial Policy” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/pcip.
This presentation was uploaded with the author’s consent.
This presentation by Yong Lim, Professor of Economic Law at Seoul National University School of Law, was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
This presentation by Professor Alex Robson, Deputy Chair of Australia’s Productivity Commission, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.
This presentation by Juraj Čorba, Chair of OECD Working Party on Artificial Intelligence Governance (AIGO), was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
Mastering the Concepts Tested in the Databricks Certified Data Engineer Assoc...SkillCertProExams
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This presentation by OECD, OECD Secretariat, was made during the discussion “Competition and Regulation in Professions and Occupations” held at the 77th meeting of the OECD Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found at oe.cd/crps.
This presentation was uploaded with the author’s consent.
This presentation by OECD, OECD Secretariat, was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
This presentation by Nathaniel Lane, Associate Professor in Economics at Oxford University, was made during the discussion “Pro-competitive Industrial Policy” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/pcip.
This presentation was uploaded with the author’s consent.
Carrer goals.pptx and their importance in real lifeartemacademy2
Career goals serve as a roadmap for individuals, guiding them toward achieving long-term professional aspirations and personal fulfillment. Establishing clear career goals enables professionals to focus their efforts on developing specific skills, gaining relevant experience, and making strategic decisions that align with their desired career trajectory. By setting both short-term and long-term objectives, individuals can systematically track their progress, make necessary adjustments, and stay motivated. Short-term goals often include acquiring new qualifications, mastering particular competencies, or securing a specific role, while long-term goals might encompass reaching executive positions, becoming industry experts, or launching entrepreneurial ventures.
Moreover, having well-defined career goals fosters a sense of purpose and direction, enhancing job satisfaction and overall productivity. It encourages continuous learning and adaptation, as professionals remain attuned to industry trends and evolving job market demands. Career goals also facilitate better time management and resource allocation, as individuals prioritize tasks and opportunities that advance their professional growth. In addition, articulating career goals can aid in networking and mentorship, as it allows individuals to communicate their aspirations clearly to potential mentors, colleagues, and employers, thereby opening doors to valuable guidance and support. Ultimately, career goals are integral to personal and professional development, driving individuals toward sustained success and fulfillment in their chosen fields.
This presentation by Thibault Schrepel, Associate Professor of Law at Vrije Universiteit Amsterdam University, was made during the discussion “Artificial Intelligence, Data and Competition” held at the 143rd meeting of the OECD Competition Committee on 12 June 2024. More papers and presentations on the topic can be found at oe.cd/aicomp.
This presentation was uploaded with the author’s consent.
Suzanne Lagerweij - Influence Without Power - Why Empathy is Your Best Friend...Suzanne Lagerweij
This is a workshop about communication and collaboration. We will experience how we can analyze the reasons for resistance to change (exercise 1) and practice how to improve our conversation style and be more in control and effective in the way we communicate (exercise 2).
This session will use Dave Gray’s Empathy Mapping, Argyris’ Ladder of Inference and The Four Rs from Agile Conversations (Squirrel and Fredrick).
Abstract:
Let’s talk about powerful conversations! We all know how to lead a constructive conversation, right? Then why is it so difficult to have those conversations with people at work, especially those in powerful positions that show resistance to change?
Learning to control and direct conversations takes understanding and practice.
We can combine our innate empathy with our analytical skills to gain a deeper understanding of complex situations at work. Join this session to learn how to prepare for difficult conversations and how to improve our agile conversations in order to be more influential without power. We will use Dave Gray’s Empathy Mapping, Argyris’ Ladder of Inference and The Four Rs from Agile Conversations (Squirrel and Fredrick).
In the session you will experience how preparing and reflecting on your conversation can help you be more influential at work. You will learn how to communicate more effectively with the people needed to achieve positive change. You will leave with a self-revised version of a difficult conversation and a practical model to use when you get back to work.
Come learn more on how to become a real influencer!
XP 2024 presentation: A New Look to Leadershipsamililja
Presentation slides from XP2024 conference, Bolzano IT. The slides describe a new view to leadership and combines it with anthro-complexity (aka cynefin).
1. EXPORT OF GOODS IN GST REGIME
Relevant Sections, Rules, Notifications and Circulars as on Date 09.07.2017
SECTIONS
Section No Act Description
2(5) IGST Act, 2017 Export of Goods
2(23) IGST Act, 2017 Zero-Rated Supply
16 IGST Act, 2017 Zero-Rated Supply
17(5) CGST Act, 2017 Blocked Credits
2(63) CGST Act, 2017 Input Tax Credit
2(62) CGST Act, 2017 Input Tax
54 CGST Act, 2017 Refund of Tax
RULES
Rule No. Act Description
89 CGST Act, 2017 Refunds
96 CGST Act, 2017 Refunds
96A CGST Act, 2017 Refunds
NOTIFICATIONS
Notification No Act Description
16/2017 dated 07 July 2017 Central Tax Conditions and safeguards for the
Registered person who intends to supply
goods or services for export without
payment of integrated tax, for furnishing a
Letter of Undertaking in place of a Bond.
Circulars
Circular No. Act Description
02/02/2017 Dated 04 July 2017 Central Issues related to furnishing LUT/Bond
04/04/2017 dated 07 July, 2017 Central Issues related to furnishing LUT/Bond
26/2017 dated 01 July 2017 Customs Export Procedure in GST Regime
2. EXPORTS OF GOODS IN GST
DEFINITION OF CERTAIN RELEVANT TERMS FOR EXPORTS OF GOODS
• Exports of goods- Section 2(5) of IGST Act, 2017
Export of goods with its grammatical variations and cognate expressions, means taking goods out of India to a
place outside India
__________________________________________________________________________________________
• Zero Rated Supply-Section 2(23) of IGST Act, 2017
Zero-rated supply” shall have the meaning assigned to it in section 16
Commentary/Observation:
This chapter deals with Zero rated supply which is relevant for input tax credit and refunds in case of:-
a) Exports of goods or services or both
b) Supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone
unit
Notwithstanding that such supplies are exempt supplies.
CHAPTER VII OF IGST ACT 2017- SECTION 16- ZERO RATED SUPPLY
SECTION 16(1)
OR
Zero rated supply means any of the following supplies of Goods or Services or Both
namely
Clause (a)
Exports of Goods or Services or Both
Clause (b)
Supply of goods or services or both to a
Special Economic Zone developer or a
Special Economic Zone unit.
3. SECTION 16(2) CLAIM OF INPUT TAX CREDIT
Subject to the provisions of sub-section (5) of section 17 of the Central Goods and Services Tax Act, credit of
input tax may be availed for making zero-rated supplies, notwithstanding that such supply may be an exempt
supply.
“Construction” includes re-construction, renovation, additions or
alterations or repairs, to the extent of capitalisation, to the said
immovable property;
INPUT TAX CREDIT
CGST, SGST, IGST or UTGST charged
inward supply of goods or services
or both made to him
IGST paid by him
on imports of
goods
Taxes paid under Reverse Charge:-
CGST u/s 9(3) & 9(4) of CGST Act
IGST u/s 5(3) & 5(4) of IGST Act
SGST u/s 9(3) & 9(4) of SGST
Act/UTGST Act.
Allowed on all type of inward
supply of goods or services or
both EXCEPT
Motor Vehicles & other conveyances other than used for
transportation of goods. MV as in section 2(28) of MVA 1988
Food and beverages, outdoor catering, beauty treatment, health
services.
cosmetic and plastic surgery
Membership of a club, health and fitness centre.
Rent-a-cab, life insurance and health insurance
Works contract services when supplied for construction of an
immovable property (other than plant and machinery)
Goods or services or both received by a taxable person for construction
of an immovable property (other than plant or machinery) on his own
account including when such goods or services or both are used in the
course or furtherance of business.
Goods lost, stolen, destroyed, written off or disposed of by way of gift
or free samples
4. SECTION 17(5) OF CGST ACT 2017: BLOCKED CREDITS
Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1) of section 18, input tax
credit shall not be available in respect of the following, namely:—
(a) Motor vehicles and other conveyances except when they are used––
(i) For making the following taxable supplies, namely:—
(A) Further supply of such vehicles or conveyances; or
(B) Transportation of passengers; or
(C) Imparting training on driving, flying, navigating such vehicles or conveyances;
(ii) For transportation of goods;
(b) The following supply of goods or services or both—
(i) food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery
except where an inward supply of goods or services or both of a particular category is used by a
registered person for making an outward taxable supply of the same category of goods or services or
both or as an element of a taxable composite or mixed supply;
(ii) Membership of a club, health and fitness centre;
(iii) Rent-a-cab, life insurance and health insurance except where––
(A) The Government notifies the services which are obligatory for an employer to provide to its
employees under any law for the time being in force; or
(B) Such inward supply of goods or services or both of a particular category is used by a registered
person for making an outward taxable supply of the same category of goods or services or both
or as part of a taxable composite or mixed supply; and
(iv)Travel benefits extended to employees on vacation such as leave or home travel concession;
(c) Works contract services when supplied for construction of an immovable property (other than plant and
machinery) except where it is an input service for further supply of works contract service;
(d) Goods or services or both received by a taxable person for construction of an immovable property (other
than plant or machinery) on his own account including when such goods or services or both are used in the
course or furtherance of business.
Explanation.––For the purposes of clauses (c) and (d), the expression
“Construction” includes re-construction, renovation, additions or alterations or repairs, to the extent of
capitalisation, to the said immovable property;
(e) Goods or services or both on which tax has been paid under section 10;
(f) Goods or services or both received by a non-resident taxable person except on goods imported by him;
(g) Goods or services or both used for personal consumption;
(h) Goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples; and
(i) Any tax paid in accordance with the provisions of sections 74, 129 and 130.
Explanation.––For the purposes of this Chapter and Chapter VI, the expression “plant and machinery” means
apparatus, equipment, and machinery fixed to earth by foundation or structural support that are used for
making outward supply of goods or services or both and includes such foundation and structural supports but
excludes—
(i) land, building or any other civil structures;
(ii) Telecommunication towers; and
(iii) Pipelines laid outside the factory premises.
5. Input Tax-Section 2(62) of CGST Act, 2017
Input tax in relation to a registered person, means the central tax, State tax, integrated tax or Union territory
tax charged on any supply of goods or services or both made to him and includes—
(a) The integrated goods and services tax charged on import of goods;
(b) The tax payable under the provisions of sub-sections (3) and (4) of section 9;
(c) The tax payable under the provisions of sub-sections (3) and (4) of section 5 of the Integrated Goods and
Services Tax Act;
(d) The tax payable under the provisions of sub-sections (3) and (4) of section 9 of the respective State Goods
and Services Tax Act; or
(e) The tax payable under the provisions of sub-sections (3) and (4) of section 7 of the Union Territory Goods
and Services Tax Act,
But does not include the tax paid under the composition levy
Input Tax Credit-Section 2(63) of CGST Act, 2017
Input tax credit means the credit of input tax
6. SECTION 16(3)
LAW TO CLAIM REFUND
A registered person making zero rated supply shall be eligible to claim refund under either of the following
options, namely:––
(a) he may supply goods or services or both under bond or Letter of Undertaking, subject to such
conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim
refund of unutilised input tax credit; or
(b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as
may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or
both supplied,
In accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made
thereunder.
Eligibletoclaimrefund
OPTIONS
Exports under
BOND or LOU-
WITHOUT
PAYMENT OF IGST
Exports after
payment of IGST
and then claim
refund of this tax
Claim refund
of un-utilized
ITC
Conditions &
Restrictions u/s
Section 54 of the
CGST Act
Manner &
Procedure-Rules
89(4), 96 & 96A
of REFUND
RULES under
CGST Rules 2017
GST Circular No-2 & 4
7. RULES TO CLAIM REFUNDOPTION
Exports under
BOND or LOU-
WITHOUT
PAYMENT OF IGST
Exports after
payment of IGST
and then claim
refund of this tax-
CGST Rule 96
Custom System
Exporter
Person in-
charge of
conveyance
carrying
export goods
GST
COMMON
PORTAL
Exports Confirmation
Exporter-
Rule 96A
Jurisdiction
commissionerBOND OR LOU in Form GST
RFD-11
THROUGH BOND OR LOU, BIND HILSELF TO PAY TAX DUE WITH INTEREREST
Is Goods exported? YES
Within 3 months & 15 days of date
of invoice-Rule 96A (1) (a)
Is payment in convertible
foreign exchange
received?
Within 1 Year & 15 days of date of
invoice- Rule 96A (1) (b)
Y
E
S
OK
To claim refund of Un-
utilized input credit,
follow procedure as in
Rule 89 of refund rules
in CGST Rules 2017
8. Rule 96A (3)
RULE 96A (5)
If Not exported &
not paid due tax as
per rule 96A (1) (a)
Export allowed
under Bond or LOU
be withdrawn
forthwith
Tax & Interest shall
be recovered from
the registered
person in
accordance with
the provisions of
section 79.
Rule 96A (4):-
If pays the tax,
exports withdrawn
under sub-rule (3) will
be restored
The Board, by way of notification, may specify the conditions and safeguards under
Which a Letter of Undertaking may be furnished in place of a bond
Notification No. 16/2017 – Central Tax dated 07 July 2017
The following registered person shall be eligible for submission of Letter of Undertaking in place of a bond
A status holder as specified in
paragraph 3.20 of the Foreign Trade
Policy 2015- 2020
Who has received the due foreign inward
remittances amounting to a minimum of 10% of
the export turnover, which should not be less than
one crore rupees, in the preceding financial year.
and he has not been prosecuted for any offence under the Central Goods and
Services Tax Act, 2017 (12 of 2017) or under any of the existing laws in case where
the amount of tax evaded exceeds two hundred and fifty lakh rupees.
9. LETTEROFUNDERTAKING In Duplicate
For a Financial Year
In Annexure to Form GST RFD-11 as referred in
Rule 96A (1) of CGST Rules 2017
Executed by:-
Working partner, the Managing Director or the Company Secretary or the proprietor or
by a person duly authorised by such working partner or Board of Directors of such
company or proprietor
On letter head of registered person
Circular No. 2/2/2017-GST dated 04 July 2017 by GST Policy Wing
Bond/Letter of Undertaking required to
be furnished under rule 96A of the said
rules may be furnished manually to the
jurisdictional Deputy/Assistant
Commissioner in the format specified in
FORM RFD-11 till the module for
furnishing of FORM RFD-11 is available
on the common portal.
10. BOND
On non-judicial stamp paper of the value as applicable in the State in which
bond is being furnished.
RUNNING BOND covering the amount of tax involved in the export based on
estimated tax liability as assessed by the exporter himself & ensure that the
outstanding tax liability on exports is within the bond amount. In case the bond
amount is insufficient to cover the tax liability in yet to be completed exports, the
exporter shall furnish a fresh bond to cover such liability.
FORM RFD -11 under rule 96A of the CGST Rules requires furnishing a bank guarantee with
bond. Jurisdictional Commissioner may decide about the amount of bank guarantee
depending upon the track record of the exporter. If Commissioner is satisfied with the
track record of an exporter then furnishing of bond without bank guarantee would suffice.
In any case the bank guarantee should normally not exceed 15% of the bond amount.
LUT Valid for 12 months. If exporter fails to comply with LUT conditions, than need
to furnish bond
Circular No. 4/4/2017-GST dated 07 July 2017 by GST Policy Wing
Bond/LUT shall be accepted by the jurisdictional Deputy/Assistant Commissioner
having jurisdiction over the principal place of business of the exporter. The exporter
is at liberty to furnish the bond/LUT before Central Tax Authority or State Tax
Authority till the administrative mechanism for assigning of tax payers to respective
authority is implemented. However, if in a State, the Commissioner of State Tax so
directs, by general instruction, to exporter, the Bond/LUT in all cases be accepted by
Central tax officer till such time the said administrative mechanism is implemented.
Allowed under existing LUTs/Bonds till 31st July 2017. Exporters shall submit the
LUTs/bond in the revised format latest by 31st July, 2017.
11. CHAPTER XI
REFUNDS
SECTION 54.
(1) Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid
by him, may make an application before the expiry of two years from the relevant date in such form and
manner as may be prescribed:
Provided that a registered person, claiming refund of any balance in the electronic cash ledger
in accordance with the provisions of sub-section (6) of section 49, may claim such refund in the return
furnished under section 39 in such manner as may be prescribed.
(2) A specialised agency of the United Nations Organisation or any Multilateral Financial Institution and
Organisation notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or
Embassy of foreign countries or any other person or class of persons, as notified under section 55,
entitled to a refund of tax paid by it on inward supplies of goods or services or both, may make an
application for such refund, in such form and manner as may be prescribed, before the expiry of six
months from the last day of the quarter in which such supply was received.
(3) Subject to the provisions of sub-section (10), a registered person may claim refund of any unutilised
input tax credit at the end of any tax period:
FIRST PROVISO
Provided that no refund of unutilised input tax credit shall be allowed in cases other than––
(i) Zero rated supplies made without payment of tax;
(ii) where the credit has accumulated on account of rate of tax on inputs being higher than the
rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of
goods or services or both as may be notified by the Government on the recommendations of the
Council:
Section 49 (6)
The balance in the electronic cash ledger or electronic credit ledger after payment of tax,
interest, penalty, fee or any other amount payable under this Act or the rules made there-
under may be refunded in accordance with the provisions of section 54
REFUND OF UN-UTILIZED ITC ALLOWED WHERE
Exports without payment of tax (Under
LUT/Bond
Credit accumulated on account of rate of tax
on inputs being higher than the rate of tax on
output supplies
12. SECOND PROVISO
Provided further that no refund of unutilised input tax credit shall be allowed in cases where the goods
exported out of India are subjected to export duty:
THIRS PROVISO
Provided also that no refund of input tax credit shall be allowed, if the supplier of goods or services or
both avails of drawback in respect of central tax or claims refund of the integrated tax paid on such
supplies.
(4) The application shall be accompanied by—
(a) Such documentary evidence as may be prescribed to establish that a refund is due to the applicant;
And
(b) such documentary or other evidence (including the documents referred to in section 33) as the
applicant may furnish to establish that the amount of tax and interest, if any, paid on such tax or any
other amount paid in relation to which such refund is claimed was collected from, or paid by, him and
the incidence of such tax and interest had not been passed on to any other person:
Provided that where the amount claimed as refund is less than two lakh rupees, it shall not be
necessary for the applicant to furnish any documentary and other evidences but he may file a
declaration, based on the documentary or other evidences available with him, certifying that the
incidence of such tax and interest had not been passed on to any other person.
(5) If, on receipt of any such application, the proper officer is satisfied that the whole or part of the amount
claimed as refund is refundable, he may make an order accordingly and the amount so determined shall
be credited to the Fund referred to in section 57.
(6) Notwithstanding anything contained in sub-section (5), the proper officer may, in the case of any claim
for refund on account of zero-rated supply of goods or services or both made by registered persons,
other than such category of registered persons as may be notified by the Government on the
recommendations of the Council, refund on a provisional basis, ninety per cent, of the total amount so
claimed, excluding the amount of input tax credit provisionally accepted, in such manner and subject to
such conditions, limitations and safeguards as may be prescribed and thereafter make an order under
sub-section (5) for final settlement of the refund claim after due verification of documents furnished by
the applicant.
(7) The proper officer shall issue the order under sub-section (5) within sixty days from the date of receipt
of application complete in all respects.
NO REFUND OF UN-UTILIZED ITC ALLOWED WHERE
Exports with payment
of Tax
Goods exported out
of India are subjected
to export duty:
Avails of drawback
in respect of central
tax
Claim refund of
the integrated tax
paid on such
supplies.
13. (8) Notwithstanding anything contained in sub-section (5), the refundable amount shall, instead of being
credited to the Fund, be paid to the applicant, if such amount is relatable to—
(a) Refund of tax paid on zero-rated supplies of goods or services or both or on inputs or input services
used in making such zero-rated supplies;
(b) Refund of unutilised input tax credit under sub-section (3);
(c) Refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice
has not been issued, or where a refund voucher has been issued;
(d) Refund of tax in pursuance of section 77;
(e) The tax and interest, if any, or any other amount paid by the applicant, if he had not passed on the
incidence of such tax and interest to any other person; or
(f) The tax or interest borne by such other class of applicants as the Government may, on the
recommendations of the Council, by notification, specify.
(9) Notwithstanding anything to the contrary contained in any judgment, decree order or direction of the
Appellate Tribunal or any court or in any other provisions of this Act or the rules made thereunder or in
any other law for the time being in force, no refund shall be made except in accordance with the
provisions of sub-section (8).
(10) Where any refund is due under sub-section (3) to a registered person who has defaulted in furnishing
any return or who is required to pay any tax, interest or penalty, which has not been stayed by any court,
Tribunal or Appellate Authority by the specified date, the proper officer may—
(a)Withhold payment of refund due until the said person has furnished the return or paid the
tax, interest or penalty, as the case may be;
(b) Deduct from the refund due, any tax, interest, penalty, fee or any other amount which the
taxable person is liable to pay but which remains unpaid under this Act or under the existing law.
Explanation.––For the purposes of this sub-section, the expression “specified date” shall mean the last
date for filing an appeal under this Act.
(11) Where an order giving rise to a refund is the subject matter of an appeal or further proceedings or where
any other proceedings under this Act is pending and the Commissioner is of the opinion that grant of
such refund is likely to adversely affect the revenue in the said appeal or other proceedings on account
of malfeasance or fraud committed, he may, after giving the taxable person an opportunity of being
heard, withhold the refund till such time as he may determine.
(12) Where a refund is withheld under sub-section (11), the taxable person shall, notwithstanding anything
contained in section 56, be entitled to interest at such rate not exceeding six per cent as may be notified
on the recommendations of the Council, if as a result of the appeal or further proceedings he becomes
entitled to refund.
(13) Notwithstanding anything to the contrary contained in this section, the amount of advance tax
deposited by a casual taxable person or a non-resident taxable person under sub-section (2) of section
27, shall not be refunded unless such person has, in respect of the entire period for which the certificate
of registration granted to him had remained in force, furnished all the returns required under section
39.
14. (14) Notwithstanding anything contained in this section, no refund under sub-section (5) or sub-section (6)
shall be paid to an applicant, if the amount is less than one thousand rupees.
Explanation
For the purposes of this section:-
(1) “Refund” includes refund of tax paid on zero-rated supplies of goods or services or both or on inputs or input
services used in making such zero-rated supplies, or refund of tax on the supply of goods regarded as deemed
exports, or refund of unutilised input tax credit as provided under sub-section (3).
(2) Relevant date means—
(a) in the case of goods exported out of India where a refund of tax paid is available in respect of goods
themselves or, as the case may be, the inputs or input services used in such goods,––
(i) If the goods are exported by sea or air, the date on which the ship or the aircraft in which such
goods are loaded, leaves India; or
(ii) If the goods are exported by land, the date on which such goods pass the frontier; or
(iii) If the goods are exported by post, the date of despatch of goods by the Post Office concerned
to a place outside India;
(b) in the case of supply of goods regarded as deemed exports where a refund of tax paid is available in
respect of the goods, the date on which the return relating to such deemed exports is furnished;
(c) in the case of services exported out of India where a refund of tax paid is available in respect of
services themselves or, as the case may be, the inputs or input services used in such services, the date
of:-
(i) receipt of payment in convertible foreign exchange, where the supply of services had been
completed prior to the receipt of such payment;
Or
(ii) Issue of invoice, where payment for the services had been received in advance prior to the
date of issue of the invoice;
(d) in case where the tax becomes refundable as a consequence of judgment decree, order or direction
of the Appellate Authority, Appellate Tribunal or any court, the date of communication of such
judgment, decree, order or direction;
(e) In the case of refund of unutilised input tax credit under sub-section (3), the end of the financial year
in which such claim for refund arises;
(f) In the case where tax is paid provisionally under this Act or the rules made thereunder, the date of
adjustment of tax after the final assessment thereof;
(g) In the case of a person, other than the supplier, the date of receipt of goods or services or both by
such person; and
(h) In any other case, the date of payment of tax