[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....
Read moreIn the recent past, the matter of interest on Gross (before adjusting GST ITC) or Net liability (after adjusting GST ITC) is knocking the doors of every belated GST return filers. The Hon’ble HC of Telangana in case of Megha Engineering & Infrastructures Ltd. v. Commissioner — 2019 (26) G.S.T.L. 183 (Telangana) held that interest is liable on the Gross GST liability but the Hon’ble has admitted the review petition and granted an interim stay and the other HC’s are yet to deliver the...
Read moreIntroduction:- India’s Foreign Trade policy (FTP) has, conventionally, been formulated for five years at a time and reviewed annually. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The benefits under foreign trade policy encourage the exporter to export the goods as well as service.
Advance Authorisation is a license issued under chapter 4 of Foreign Trade Policy 2015-20. This Advance...
Read moreDuring the pre-GST era, for inter-State stock transfers, the major concern of the Industry was with regard to the additional cost of CST and the compliance burden of submission of statutory forms. However, there was no concept of deemed service between branches located in two different States and hence there was no requirement to pay Service Tax on such activities. With the introduction of GST, by virtue of Schedule I, the...
Read more