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GST Refund Fortnight is a scheme by the GST council to address refund issues related to the exporters in India. The scheme would be observed from 16.07.2018 to 31.07.2018 across all field formations to deal exclusively with pending GST Refund Claims (IGST & ITC).
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
Union Territory Tax (Rate) 1. Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5% 2. To notify the categories of services the tax on intra-State supplies of which shall be paid by the electronic commerce operator 3. […]
Central Tax (Rate) 1. Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5% 2. To notify the categories of services the tax on intra-State supplies of which shall be paid by the electronic commerce operator 3. To […]
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the 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 […]
When the taxpayer’s company has used the company’s services outside India and payment has been made outside India, the taxpayer company shall not be obligated to deduct tax at source u/s 195, New Delhi ITAT ruled. Under Section 195 of the Income Tax Act, TDS should be deducted at the time of credit or payment […]
The Kolkata ITAT Referring to the decision in the case of Anudip Foundation for Social Welfare vs. CIT(Exemption), Kolkata – ITA No. 1341/Kol/2023, ruled that the taxpayer will not be denied the advantage of the Sec 80G because of the technical errors emerged in making application as of the confusion and misunderstanding on in properly […]
The Raipur Bench of the Income Tax Appellate Tribunal (ITAT) sets aside income tax reassessment completed without furnishing a copy of the reasons. The Tribunal found that the Commissioner of Income Tax (Appeals)[ CIT(A) ] had not regarded the adjournment request of the taxpayer as neither additional submission nor legal grounds / additional grounds assailed […]
