Monthly Archives: March 2019

Financial Year Meaning under GST

By | March 25, 2019

Financial Year The word Financial Year has not been defined in any of the Act relating to GST. Therefore, the meaning of the Financial Year as provided in General Clauses Act can be adopted. Section 3(21) of the General Clauses Act, 1897 defines Financial Year as follows:— ‘(21)”financial year” shall mean the year commencing on the first day of April;’ It means the period commencing on the 1st Day of April and ending… Read More »

ITC Reversal On Expired Items under GST

By | March 25, 2019

Distributor has inventory of expired drugs. As per the contract, the manufacturer will not accept return of expired drugs. Hence the distributor is forced to destroy. How to deal with reversal of ITC? Circular No. 72/46/2018 explains from the angle of Manufacturer, in case of return of expired drugs. but practically and genuinely there are… Read More »

GST Refund on export of Exempted Goods or services

By | March 25, 2019

GST Refund on export of Exempted Goods or services ? छूट वाले सामान के निर्यात पर जीएसटी रिफंड [Also Refer GST Refund : Free Study Material ] As per Para No 6 of Circular No 45/19/2018 GST Dated 30.05.2018 6. Whether bond or Letter of Undertaking (LUT) is required in the case of zero rated supply of exempted or non-GST goods and whether refund can be… Read More »