WFH Positivity Dossier

DAY 13

Hi Folks!

It is day 13 of the lockdown. By now, most of us must have gotten used to this new #WFH routine or for some of us it may be a patience-testing situation. Either ways, this is a phase and like every phase in life, this too shall pass! We recommend not getting anxious by indulging in too much news updates and diverting our mind in productive activities. 

Today’s yoga posture will not just give you some relief from stress but will also get your blood circulation regulated rightly. On the #EverythingGSTin21days we have details on ‘exports, current returns, new-returns and e-invoicing’. For our ‘book of the day’ we have chosen to share wisdom from the renowned book ‘Talk Like Ted’. Dive in…

Yoga Pose for the Day

By Meghana Pawar – Certified Yoga Trainer

Adho mukha svanasana – Downward Facing Dog

Steps to perform the asana:

Step 1: Stand comfortably on your mat. Come in the table top position.

Step 2: From the table top, slowly straighten your knees and hands making a ‘V like’ shape of your body. Your legs are close to each other while your hands are a bit separated.

Step 3: Relax in this position by closing your eyes. Hold the posture for 3 to 5 breaths or as per your comfort.

Adho Mukha Svanasana
Contraindications:

Wrist problems like carpal tunnel syndrome, arthritis, high blood pressure, pregnancy, women in their monthly cycle.

Morning Yoga

Benefits: 

  • Strengthens and tones leg, calf, arm, and shoulder muscles.
  • Increases lung capacity, good for respiratory organs.
  • Great for blood circulation throughout the body, especially in the facial area and in the brain region.
  • Increases flexibility in the spinal column.
  • Calms the mind, relieves stress and helps relive headache, insomnia and fatigue.

GST Dossier

Exports, Current Returns, New Returns and E-Invoicing

Export of Goods and Services, with its grammatical variations and cognate expressions, means ‘taking out of India’ ‘to a place outside India’. Export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services.

GST has to be paid under one of the following two options:

  • Export of goods or services or both under bond or letter of undertaking (LUT) without paying any Integrated Tax and can claim the refund of unutilized input credit.
  • Export of goods and service or both on the payment of Integrated Tax and the exporter can claim the refund of the GST paid on such goods and services so exported. 

Exclusion from export of goods or services:

  • Where the place of supply of service is within India but to a person located outside India. For an instance – a property located in Mumbai rented out to a person residing in US.
  • Where the consideration for the supply of services is received in Indian currency. For an instance, supply of service by a consulting firm in India to an entity outside India, where the payment made by Indian branch of overseas entity is in Indian rupees.
  • Supply of services to the foreign branch would not be covered as export of services due to specific exclusion as “export of service”. This could involve reversing the input credits as such supply of service would be considered as non-taxable and not as zero-rated.

 

Reporting of Exports: Exports being with/without payment of duty. Based on the category of the details can be reported in various returns:

GSTR-1: Whether it is with/without payment of duty it needs to be reported in Table 6(A). In summary also this value gets reported separately.

GSTR-3B: The value of both with/without payment of duty gets reported in Table 3.1(b) along with the all zero-rated supplies

GSTR-9: Here the value gets bifurcated among various tables. The value of exports with payment of duty gets reported in Table 4C and without payment of duty gets reported in Table 5A.

In new returns GSTN has followed this approach of showing value of supplies with payment and without payment of duty separately. Supplies with payment of duty gets reported in Table 3C of ANX-1 and Table 3.A.3 of RET-1 relates to exports with payment of duty and Table 3D of ANX-1 and Table 3.A.4 of RET-1 relates to exports without payment of duty.

Invoicing of Exports: Export of goods and services is covered under E-Invoicing Mandate, where companies having turnover Rs. 100 CR or above shall be required to issue e-invoice for export of goods or services from 1st October, 2020.

Based on the category:

  • Exports with payment of IGST: Select Invoice type Exports with payment of Duty
  • Exports under Bond or LUT: Select Invoice type as Export without payment of Duty

E-Way Bill for Exports

We have to take of following things while generating E-Way Bill in case of exports:

  • The GSTIN of counterparty should be URP
  • The Bill To Party and Ship To Party should be Other Country
  • The Pin code of counterparty should be 999999
  • The distance should be derived based on the distance within the country i.e. the consignor place to the place from where the consignment is leaving the country and cleared by Customs.

“At the epicenter of a storm, it is always calm. Find that center, your center. That’s where you will find strength.”

By AVIS Viswanathan

GST which was introduced in 2017 has been an exciting journey since. And there are always some or the other changes being introduced to streamline the entire process. You can find all the notifications/circulars/orders or press release here.

Book of the Day

Title: Talk like TED

Author: Carmine Gallo

Talk Like TED
  • Incorporate Passion – Dig deep to identify your unique and meaningful connection to your presentation topic. Passion makes our presentation alive. All of us have at least of thing we’re truly passionate about. The author suggests – finding the connection of your passion with the Presentation Topic and just see the magic that unravels. Words speak to your brains, Passion touches one’s soul.
  • Tell Stories – Bryan Stevenson, the speaker who earned the longest standing ovation in TED history, and who are collected $1 Million (ove$55,000 for every minute he spoke) in donations for what he spoke, spent 65% of his presentation telling stories. Stories help the audience connect, and live out the story as the main character.
  • Practise: Great, Impactful Presentations require practice, tons of it. Plan, take early feedback, Rehearse, Rehearse, and Rehearse!
  • Teach your audience something new – The human brain loves novelty. An unfamiliar, unusual, or unexpected element in a presentation intrigues the audience, jolts them out of their preconceived notions, and quickly gives a new way of looking at the world.
  • Deliver Jaw Dropping Moments – Bill Gates on his talk on Malaria said “Mosquitoes cause malaria, here’s a jar full of them. Why should only the poor suffer from it?” And as he said this, he opened the jar. While people may have forgotten what he said in the presentation, nobody can ever forget this act of his. Emotional charged events are remembered for a long time.
  • Use Humour – Humour lowers defences, making your audience more receptive to your message. It also make you seem more likeable, I am people are more willing to do business with or support someone they like.
  • Stick to the 18-Minute Rule – A research discovered that “cognition backlog”, too much information, prevents the successful transmission of ideas.
  • Create it a Multisensory Experience – The more number of senses involved, the more captivating it is for the audience. While auditory and visuals are easy to incorporate, the author suggests us to use our words and the audience’s imagination to create olfactory, sensual, and the sense of taste.
  • Stay in your lane – If you try to be or say something you are not, you’ll fail to gain the trust of your audience. Be open, transparent and authentic.
That’s it for today folks. Stay tuned for tomorrow as we will surely bring you some more positivity to brighten up your day!! Feel free to share this dossier with your colleagues, friends and family. Sharing is caring!
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