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'MEIS benefit available for export realisation in rupee through Vostro a/c'

Imports under EPCG scheme with or without IGST payment has no bearing on export of goods on IGST payment under refund claim

'Exempt supply' includes supplies on reverse charge basis to restrict ITC

'You may restrict input tax credit, as prescribed under Rule 42 of the CGST Rules, 2017'

Reality test needed for RBI credit rules

The RBI says banks may consider the applications from exporters and grant permission for opening or hiring of warehouses abroad

Coming to sense with absurdities

When the Goods and Services Tax (GST) was introduced in July 2017, the government withheld any exemption from IGST on import under all categories of advance authorization

Higher onus on trade in new audit approach

Under the new scheme, transaction-based audit will be confined to a few transactions under the risk management system

Clearly, GST is still 'work in progress'

The avalanche of notifications and circulars show the GST regime is yet to stabilise

Public interest and pre-import clauses

IGST on imported goods is levied and collected in accordance with Section 3(7) of the Customs Tariff Act, 1975

GST's latest in word cascade

When the Goods and Services Tax (GST) was introduced, exporters were entitled to claim refund of Integrated GST (IGST) paid on goods shipped out

How not to arrest the rupee's fall

It is not clear what items the government will treat as non-essential and if it will restrict such import through licensing or higher duties

WTO looks back at data of 2017

Trade in commercial services fully recovered in 2017, with 8% growth in 2017

Credit note must show tax rate and tax amount, says expert

As per Rule 53(i) of the CGST Rules, 2017, the rate of tax and the amount of tax must be shown in the credit note

Simplicity as seen by tax officials

The Central Board of Indirect Taxes and Customs has said Integrated Goods and Services Tax will not be payable on in-bond sales of goods in a bonded warehouse

Clarification on import by EOUs

Under the new procedure, EOUs are required to provide information in duplicate to the jurisdictional customs authorities regarding estimated quantity and value of goods to be imported

If recipient fails to pay supplier in 180 days, he loses ITC and interest

So, you lose the credit if you don't pay within 180 days but can take the credit if you pay later

Finance Bill: Seeking clarity in Customs laws

It was always difficult for the trade as well as the Customs officers to keep track of the provisions and changes in the allied laws

Recent changes in central GST

E-way bills will now not be required for exempted goods (except de-oiled cake), non-GST goods and goods transported that are not considered as supplies

Collection issues with GST regime

To be fair, collection of a mere Rs 3070 million from about 1.7 million composition dealers in the July-September quarter is a surprise

WTO chief's advice relevant for us, too

The Government of India said it had the support of over 100 member-countries on all agricultural issues

More of the GST rules thicket

GSTN should quickly resolve these issues

Another set of new GST procedures

In respect of supplies regarded as deemed export, GST must be paid and application for refund of tax paid may be filed