Relaxation on bond/ letter of undertaking requirement for export of goods without payment of IGST

Dear Reader,   Recent Update on Export of Goods or Services Under GST Regime   The Government relaxes bond/ letter of undertaking requirement for export of goods without payment of IGST   Rule 96A of Central Goods and Services Tax Rules, 2017 provides that in case of export of goods or services without payment of GST, the exporter has to furnish a bond or letter of undertaking (LUT) in form RFD-11. This is also required in the case of provision of goods or services to SEZ Read more [...]

Import Export code(IEC) application under GST regime

Dear All, 1.IEC code means Import Export Code. As per the Foreign Trade Policy (FTP) in India, every importer and exporter is required to get IEC code to start Import export from India. Without IEC code, no importer and exporter are authorized to do import export business. 2. As per the trade circular, there are two kinds of categories to be dealt with: a) Person registered under GST b)Person not registered under GST IEC Code for Person Registered under GST As per the Trade circular, Read more [...]

All about GST

Dear Reader, Below are points regarding “All about GST”: 1) HSN Code to be mentioned For turnover below 1.5 Cr, no need to mention HSN code in invoice. From 1.5 Cr. – 5 Cr turnover, only mention 2 digit HSN code and above 5 Cr mention only 4 Digits of HSN code. *But, All the taxpayers need to maintain 6 digit HSN Code and the same shall be uploaded with monthly Return* Read more [...]

FAQ’s for computing book profits under MAT for INDAS compliant

Dear All,   The Central Board of Direct Taxes (CBDT) vide Circular no. 24/2017 dated 25th July, 2017 issued a clarification by way of 14 FAQ’s with respect to determination of book profit for computing Minimum Alternate Tax (MAT) liability under section 115JB of the Income-tax Act, 1961 (Act) for INDAS compliant companies.   Following are the few important clarifications:   The CBDT clarifies that the starting point for computing the of book profits under Read more [...]

CBDT Press Release I Optional reporting of details of one foreign bank account by the non-residents in refund cases

Dear Reader,   Optional reporting of details of one foreign bank account by the non-residents in refund cases   Currently, refund generated on processing of return of income is directly credited to the bank accounts of the taxpayers. Availability of the detail of bank accounts in which the refund is to be credited is a precondition for direct credit of refund in the bank accounts. Various representations were received from the non-residents that they are facing difficulties Read more [...]