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Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
Matching and Reconciliation were part of the erstwhile VAT regime too. But the process of matching data between account books and tax returns was not as tedious as it is under current indirect tax structure in India i.e GST.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
The Big news has come for the Oil Refineries as there is an announcement for relief in regards to the GST payment against the job outsourced by these oil companies.
According to the strict compliance set by the goods and services tax, not only taxpayers but also the GST officers will be in trouble in case if there are some discrepancies found in the cases related to the GST.
It will be accounted as the last chance to rectify or correct any errors in the bill or GST return filing as 20th September is the last date for correction of all the errors including of missed claiming of ITC.
The Kerala AAR’s has recently ruled that threshold exemptions will be applicable on the individual earnings of co-owners who are participants in a jointly owned property.
Goods and services tax made a lot of changes to the indirect tax structure prevalent earlier than 1st July 2017 and made huge changes to make it accurate and uncomplicated as compared to past tax projects.
The due date for filing GSTR-1 has been extended to 13th April for the month of March 2019 on the suggestion of GST department by CBIC. This extension of due dates for filing GST returns is a long affair and has been going since the implementation of Goods and services tax on 1st July 2017. […]
