Amendment in Rule 96(10) – Sigh of relief to Goods Exporters

  • Category: GST Updates
  • Date: 01-04-2020
  • Writers: CA Lakshman K, CA Venkata Prasad

Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options:

1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or

2. Export with payment of IGST and claim refund of such IGST paid.

The 2nd option is more viable & beneficial since the former option comes with certain restrictions & limitations viz.,

* ITC on Capital goods is not refundable.

* Transitional ITC is not...

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GST Updates - press release of FM on CV measures

  • Category: GST Updates
  • Date: 27-03-2020
  • Writer: Hiregange Team

GST updates - based on 39th GST Council Meeting

  • Category: GST Updates
  • Date: 26-03-2020
  • Writer: Hiregange Team

Summary of decisions taken by the GST Council in 39th Meeting on 14th March 2020

  • Category: GST Updates
  • Date: 17-03-2020
  • Writer: Hiregange Team
  1. Changes in GST rates recommended:

[proposed to be made effective from 1stApril 2020]

Supply of goods/ service

Present GST rate

Proposed by GST council

Mobile Phones & specified parts

12%

18%

All types of Matches

Handmade: 5%

 Others: 18%

12%

Maintenance, Repair and Overhaul (MRO) Services for aircrafts

...
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Summary of Decisions taken by GST Council-39th Meeting-f -TH

  • Category: GST Updates
  • Date: 17-03-2020
  • Writer: Hiregange Team


Summary of Union Budget 2020-21 - Hiregange & Associates

  • Category: GST Updates
  • Date: 03-02-2020
  • Writer: Hiregange Team

 

KEY CHANGES IN GOODS AND SERVICES TAX ACT 2017

  1. Insertion in the definition of Union Territory

Section 2(114) of CGST Act 2017

The definition of Union Territory is amended to replace/include the UTs of Dadra and Nagar Haveli and Daman and Diu; and Ladakh. This amendment would be effective from a future notified date.

Our Comments: This amendment was made to give effect to making Ladakh a Union Territory with effect from 31.10.2019 and making Dadra and Nagar Haveli...

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Summary of Union Budget 2020-21

  • Category: GST Updates
  • Date: 03-02-2020
  • Writer: Hiregange Team

Summary of changes in Budget 2020

  • Category: GST Updates
  • Date: 01-02-2020
  • Writers: CA Sudhir VS, CA Venkata Prasad

Summary of Notifications issued on 10th & 13th January 2020

  • Category: GST Updates
  • Date: 17-01-2020
  • Writer: Hiregange Team
  1. Waiver of Late Fees for GSTR-[1] extended till 17th January 2020:

[Notification No. 04/2020-CT dated 10th January 2020]

Late fees for filing return in Form GSTR-1 for the months/ quarters from July 2017 to November 2019 was waived, if the said returns could not be furnished by the relevant due dates but filed between the period from 19.12.2019 to 10.01.2020. Recently, the above waiver of late fees was extended for GSTR-1 returns filed upto 17th January 2020 vide Notification No....

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