Zero Rated Supplies – Tax in India

September 18, 2017March 6, 2018

What are the specific requirements of an export supply

The document should carry any one of the following endorsements, as applicable:
 Supply meant for export on payment of IGST  Supply meant for export under bond or letter of undertaking without payment of IGST
Also, the document should contain the following details of the recipient:
 Name and Address
 Address of Delivery
 Name of the country of Destination

(ICAI FAQ PUBLICATIONS 06-09-2017 TAX INVOICE CREDIT AND DEBIT NOTES : FAQ NO. 46)

August 29, 2017September 1, 2017

What is the treatment of clearances effected to Special Economic Zones

The clearances effected to the SEZ are zerorated supplies in terms of Section 16 of the IGST Act,2017.
Accordingly, the supplier can claim refund of IGST paid on such supplies or clear the same under bond/letter of undertaking and claim refund of the unutilised ITC.

(FAQ 5: DRUGS AND PHARMACEUTICALS)

August 29, 2017September 1, 2017

Whether SEZ unit located in a State requires a separate registration under GST

The SEZ unit located in a State is treated as a business vertical distinct from other units located in the State outside the SEZ [first proviso to Rule 8 of
the CGST Rules, 2017 read with Section 25 of the CGST Act, 2017].
Hence, separate registration is required to be obtained for the unit located in SEZ.

(FAQ 6: DRUGS AND PHARMACEUTICALS)

August 28, 2017March 6, 2018

CBEC Advisory on Drawback during 01-07-2017 to 30-09-2017

For a transition period of three months i.e. 1.7.2017 to 30.9.2017, composite rates of All Industry Rate (AIR) drawback are available to exporters.

I. These composite rates are subject to certain conditions during transition period that ensure that input credit /refund under GST and drawback of composite rates are not taken together for the export product. Continue reading “CBEC Advisory on Drawback during 01-07-2017 to 30-09-2017”

August 28, 2017March 6, 2018

CBEC Advisory on GSTIN / PAN and Invoice information in Shipping Bill

1. Quoting GSTIN in Shipping bill is mandatory if the export product attracts GST for domestic clearance.

2. Quoting PAN (Permanent Account Number), which is authorized as Import Export code by DGFT, would suffice if the exporter exclusively deals with products which are either wholly exempt from GST or out of GST regime. Continue reading “CBEC Advisory on GSTIN / PAN and Invoice information in Shipping Bill”