The new returns shall introduce new and simplified forms GST Ret 1, Ret 2 and Ret 3 along with annexure form GST Anx 1 and Anx 2.
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The 38th GST Council meeting was held on December 18, 2019, under the chairmanship of Union Finance Minister of India, Smt. Nirmala Sitharaman. Here are the preliminary highlights of the 38th GST Council Meeting:
The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.
Advance Authorisation Scheme (AAS) is a tax and duties neutralization scheme under the foreign trade policy (FTP). Under the scheme, an exporter can import duty-free goods (subject to export obligation) to be physically integrated with the export goods.
In order to facilitate the supply of goods and services to and from SEZ, separate provision has been made under the GST regime.
Understanding genuine hardship to taxpayers, CBIC has issued a Circular No. 110/29/2019 – GST dated 3rd October 2019, wherein it provided an option to re-file refund application if taxpayer has inadvertently filed NIL GST refund application.
The Section 168 of CGST Act 2017 covers all the details for Power to issue instructions or directions GST Act 2017.
With ICEGate, the user can make E-payments, Track Document status at Customs EDI, Register for IPR, Verify IE Code, etc. making it an essential tool for traders and exporters in India.
The Central Government amends the Central Goods and Services Tax Rules, 2017 to be called as Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019.
With the global trade becoming a norm, there has been a dramatic change in the cross border trade in recent years.
Under GST, certain goods and services, as decided by the government, are exempt from goods and service tax on their supply i.e. ‘NIL’ GST rate is applicable to such transaction.
