Reading Time: 8 minutes“Deemed Exports” refers to supplies of goods manufactured in India (and not services) which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. The supplies do not leave India. The payment for such supplies is received either in Indian rupees or in convertible foreign exchange. Deemed exports are not zero rated
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Reading Time: 2 minutesAccording to the provisions provided under Rule 41 of the Central Goods and Services Tax (CGST) Rules, 2017 related to “Transfer of Input Tax Credit (ITC) on Sale, Merger, Amalgamation, Lease or Transfer of a Business”, are as under: (1) A registered person shall, in the event of sale, merger, de-merger, amalgamation, lease or transfer or change
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Reading Time: 2 minutesThe National Academy of Customs, Indirect Taxes and Narcotics (NACIN) have released a press note on 23rd april 2019, regarding the Examination for confirmation of enrollment of GST Practitioners, the details are below mention . The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation
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Reading Time: 2 minutesE-Way Bill System, The Goods and Service Tax Network has made some below mention changes in Eway Bill system. E-Way Bill System 1. Auto calculation of route distance based on PIN code for generation of EWB: E-waybill system is now enabled to auto calculate route distance for movement of goods, based on the Postal PIN
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Reading Time: 9 minutesFAQs About Form GSTR-9, The CBIC has released the below mention FAQs About Form GSTR-9 1. What is Form GSTR-9? Form GSTR-9 is an annual return to be filed once, for each financial year, by the registered taxpayers who were regular taxpayers, including SEZ units and SEZ developers. The taxpayers are required to furnish details
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Reading Time: 2 minutesIncome Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20 Income Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20. No changes to
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Reading Time: 2 minutesGST collection for March 2019 GST collection for March 2019, The Ministry of Finance has released the monthly GST collection details for March 2019, according to the ministry the GST collection for this month has created a new history in Financial Year 2018-19. GST Revenue collections for the month of March, 2019 crossed Rupees One
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Reading Time: 3 minutesSpecial Class of Registered Person under RCM, CBIC notifies Specified class of Registered Person liable to pay tax under RCM u/s 9(4) of the CGST Act, 2017 w.e.f. April 01, 2019 The Central Board of Indirect Taxes and Customs vide Notification No. 07/2019 – Central Tax (Rate) dated March 29, 2019 notified the specified class
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Reading Time: 4 minutesFree accounting software, Small and Medium Business were demanding support from Government for the Accounting software as the several small taxpayers were unable to afford Popular Accounting and Taxation Software Like Tally,Busy , Marg Etc because starting range for these software are from Rs 20000.00 (Twenty thousand only ) per year , which is a
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Reading Time: 4 minutesTransfer of ITC on the death of proprietor, The Central Board of Indirect Taxes and Customs, vide Circular no 96/15/2019-GST has clarified regarding Change in the ownership of business due to death of the sole proprietor, in the registration form, GST REG-01 to be filed electronically in the common portal. The legal heir of the
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