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This category contains 22 posts

Relief to Exporters under GST

[By Shaleen Shah (Partner), VNCA] An exporter is eligible for Refund of IGST paid at the time of export.  The shipping bill filed by an exporter with customs authorities is considered to be an application for refund of IGST paid on the goods exported out of India. Exporters then file export details viz. shipping bill [...]

Refund of IGST paid on export of goods

The Customs Department has issued following Instructions dtd. 9-Oct-2017 pertaining to Refund of IGST paid on export of goods under Rule 96 of CGST Rules, 2017. Download PDF As you are aware. Rule 96 of the CGST Rules 2017 deals with refund of Integrated Tax paid on goods exported out of India. It provides that [...]

Recent GST Articles

The following are our GST Articles recently published elsewhere. What is GST? GST, an acronym for Goods & Services Tax, is an indirect tax. An indirect tax is a tax levied on goods and services as opposed to direct tax which is levied on income or profits (Income Tax). ….read more How is Indian GST [...]

Zoho fires the first salvo–launches GST ready accounting solution

[Source: inc42.com] “Accounting should not be tactical. Accounting should be strategic. It should not be isolated but connected.” It is with these thoughts in mind and an India getting ready to enter a new single taxation GST (goods and services tax) regime in July of this year, that enterprise software pioneer Zoho launched its GST-compliant [...]

Is the Indian GST on the table good enough?

[By Shaleen Shah (Partner), VNCA] The revolution promised by GST might not be all that rosy.  The Centre has yielded to requirement of States to continue with the age old permit system while transporting goods. Though the paper permit may become an e-permit, those transporting goods within or outside states will still have to queue [...]

Centre mulls hike in service tax rate if GST rollout is delayed

[Source: www.thehindubusinessline.com] The Centre could consider increasing the service tax rate in the coming Budget as a fallback option in case the rollout of the Goods and Services Tax (GST) is delayed beyond April 1. “There is some thinking of an increase in the service tax rate in case the GST is not implemented from [...]

Equalisation Levy is going to create a huge problem for startups

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of India (IAMAI) and law firm [...]

GST set to miss the April 1, 2017 deadline

GST set to miss the April 1, 2017 deadline

GST Enrolment–Transition of existing tax payers to GST

[By Shaleen Shah (Partner), VNCA] The Government has started preparation for transition of existing tax payers to GST. All existing taxpayers registered under any of the following Acts will be transitioned to GST:  1) Central Excise 2) Service Tax 3) State Sales Tax or VAT 4) Entry Tax 5) Luxury Tax 6) Entertainment Tax Existing [...]

Exporters need to prepare for GST

[Source: www.thehindubusinessline.com; Author: Ajay Srivastava] GST will usher in a new regulatory regime for India’s exports. For the manufactured product exporters, the most significant impact would be the increased requirement and blockage of working capital. For manufacturing a product, a firm buys locally or imports raw material and machinery. The current export schemes allow firms [...]