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.
In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.
With an aim to provide taxpayer with a user-friendly and seamless compliance journey, the following GST updates have been on the GST portal / GSTN Portal.
The GST Network (GSTN) has incorporated an online GST refund process, as decided by the 37th GST Council. With this utility, taxpayers will easily be able to file for a refund via form RFD 01, which can further be processed online by the GST officers.
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
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