Posted On:  4 weeks ago


Refund of unutilised Input Tax Credit (ITC)

Refund of unutilised Input Tax Credit (ITC)

article author One Roof Consultant

Posted On:  4 weeks ago


Refund of Integrated Tax paid on account of zero rated supplies

The objective of zero rating of exports and supplies to SEZ is sought to be achieved through the provision contained in Section 16(3) of the IGST Act, 2017, which mandates that a registered person making a zero rated supply is eligible to claim refund in accordance with the provisions of section 54 of the CGST Act, 2017

article author One Roof Consultant

Posted On:  1 month ago


Benefits of Goods and Services Tax (GST)

GST stands for Goods and Services Tax which is levied on the supply of goods or services or both in India. GST subsumes a number of existing indirect taxes which were earlier levied by the Centre and State Governments including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc.

article author One Roof Consultant

Posted On:  1 month ago


Compensation cess in GST

The compensation cess on goods imported into India shall be levied and collected in accordance with the provisions of section 3 of the Customs Tariff Act, 1975, at the point when duties of customs are levied on the said goods under section 12 of the Customs Act, 1962, on a value determined under the Customs Tariff Act, 1975.

article author One Roof Consultant

Posted On:  3 months ago


Update on GST refund of IGST and Input tax credit

Exporters have been complaining about delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and similarly Input Tax credit (ITC) on exports. There are media reports with exaggerated estimations of refund amounts which are held up for the period July to October

article author One Roof Consultant

Posted On:  5 months ago


On Blockage of Working Capital of Exporters

There are lots of apprehensions expressed in the media about the problem of blockage of working capital for exporters’ post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts

article author CA Chirag Chauhan

Posted On:  5 months ago


Anti dumping duty on New/unused pneumatic radial tyres- Reg.

Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

article author One Roof Consultant

Posted On:  6 months ago


GST FAQ on Exports

The procedures relating to export have been simplified so as to do away with the paper work and intervention of the department at various stages of export

article author CA Chirag Chauhan

Posted On:  6 months ago


GST FAQ on Handicrafts

All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services.

article author CA Chirag Chauhan

Posted On:  6 months ago


GST FAQ on IT/ITES

In terms of Schedule II of the CGST Act 2017, development, design, programming, customization, adaptation, up gradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property right are treated as services.

article author CA Chirag Chauhan

Posted On:  6 months ago


Clarification on issues related to furnishing of Bond/Letter of Undertaking for Exports–Reg.

Please refer to Notification No. 16/2017 – GST dated 7th July, 2017 and Circular No. 2/2/2017 – GST dated 5th July, 2017 and Circular No. 4/4/2017 – GST dated 7th July, 2017. A large number of communications have been received from the field formations and exporters citing variation in the interpretation of above referred notification and circulars.

article author One Roof Consultant

Posted On:  11 months ago


FAQs on Refunds under Goods and Service Tax (GST)

“Refund” includes (a) any balance amount in the electronic cash ledger so claimed in the returns, (b) any un utiized input tax credit in respect of (i) zero rated supplies made without payment of tax or, (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), (c) tax paid by specialized agency of United Nations or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries on any inward supply

article author One Roof Consultant

Posted On:  11 months ago


FAQs on Overview of Goods and Services Tax (GST)

It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer

article author One Roof Consultant

Posted On:  12 months ago


Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders

I am directed to invite your attention to Circular No. 34/95-Cus dated 06.04.1995 prescribing the monetary limits and frequency of drawal of sample for purposes of grant of drawback and Circular No. 57/1997-Cus dated 31.10.1997 read with Circular No. 25/2005- Cus exempting certain exporters having in house testing facilities and where the samples have earlier been drawn by Central Excise authorities, from drawal of samples for purposes of grant of drawback.

article author One Roof Consultant

Posted On:  1 year ago


Comprehensive Economic Partnership Agreement between India-Japan

circumstances in which there is clear evidence that increased imports of an originating good have caused or are threatening to cause serious injury to the domestic industry and where delay in imposition of provisional bilateral safeguard measure would cause damage to the domestic industry which would be difficult to repair; (b) “Director General” means the Director General (Safeguard) appointed by the Central Government under sub-rule (1) of rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997;

article author One Roof Consultant

Posted On:  1 year ago


Clarification in respect of “part delivery” where OOC is obtained at DPD/RMS Facilitation Centre at JNCH

Attention of the Importers, Exporters, General Trade, Port Terminal Operators, Shipping Lines / Shipping Agents, CFSs coming under the jurisdiction of JNCH, Nhava Sheva and all other stakeholders is invited to the Public Notice No. 160/2016 dated 29.11.2016 on the above-cited subject matter. Vide this Public Notice as a measure of trade Facilitation and ‘Ease of doing Business’ a dedicated “RMS Facilitation Centre”

article author One Roof Consultant

Posted On:  1 year ago


Launch of Enhanced Foreign Trade Data Dashboard

As part of the initiative of the Ministry of Commerce & Industry to provide easy access to the public with regard to India’s export, import and balance of trade data in an analytical format, over time and space, Commerce & Industry Minister Smt. Nirmala Sitharaman today launched a new enhanced Dashboard on Foreign Trade Data. Speaking on the occasion she said technology will be used for transparent decision making and reaching out to people using real time data. The Minister said this Dashboard is an improved version of the earlier EXIM Analytics Dashboard developed with many added features. It is more user friendly and would facilitate the general public to have an accurate picture on dynamics of foreign trade performance of India.

article author One Roof Consultant

Posted On:  1 year ago


Launch of dedicated website for DGAD, Department of Commerce

Ms. Rita Teaotia, Commerce Secretary, launched a more informative, user-friendly, dedicated website (http://www.dgtr.gov.in/) for DGAD for disseminating information/activities being performed by DGAD. She also inaugurated the additional office space developed by NBCC to meet the requirements of increased work responsibilities and to ensure optimal functioning of the Directorate.

article author One Roof Consultant

Posted On:  1 year ago


Fourth Bi-monthly Monetary Policy Statement, 2016-17

Fourth Bi-monthly Monetary Policy Statement, 2016-17 Resolution of the Monetary Policy Committee (MPC), Reserve Bank of India Date : Oct 04, 2016 On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to:

article author One Roof Consultant

Posted On:  1 year ago


Discontinuation of practice of making manual debits on physical copy of Advance Authorizations registered at EDI Customs port

It was brought to Board’s notice that even for Advance Authorizations registered electronically at EDI Customs location i.e. where electronic ledger gets maintained, the physical authorizations, that are simultaneously issued and presented, are endorsed by Customs with manual debits of usage and this practice is not uniformly followed at all EDI ports of registration. It was informed that such manual endorsements replicate work, cause delay, and at times also lead to errors, all of which impose transaction costs on trade.

article author One Roof Consultant