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… Read More »
GST on Textile Read FAQ’s : GST on Textile Question 1: As per Chapter 53 heading 5303 of the GST rate schedule, raw jute has been kept at the NIL rate slab. Thus, it is presumed that suppliers dealing only in raw jute are not required to register themselves under GST. But Jute Mills are… Read More »
GST on Export FAQ’s on Export under GST Question 1 : How are exports treated under the GST Law? Question 2: What will be the impact of GST on zero rating of export of goods? Question 3: Have the procedures relating to exports by manufacturer exporters been simplified in GST regime? Question 4: For merchant… Read More »
GST on MSME Read FAQ’s : GST on MSME Question 1: What is GST? Question 2: On what supply is GST levied? Question 3: Will GST be levied on all goods or services or both? Question 4: How many types of GST will be levied on different kinds of supply of goods or services? Question… Read More »
Notification No. 3/2017-Compensation Cess (Rate) Seeks to amend notification No. 1/2017- Compensation Cess (Rate), dated 28th, June, 2017 so as to increase the Compensation Cess rates on cigarettes as mentioned in the notification with effect from 18th, July, 2017 [TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY]… Read More »
FM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST). In reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been… Read More »
Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST. Reports have been received expressing doubts whether… Read More »
GST exemption for products used by differently abled people Specified assistive devices, rehabilitation aids and other goods for differently abled people attract the lowest (non-Nil) GST rate of 5%. Most of the inputs for such goods attract 18% GST. Nil GST on any goods zero rates inputs, while domestic goods continue to bear input taxes.… Read More »
GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens’ picture, drawing or colouring books, etc. The GST rates on supply of goods and services have been notified based on… Read More »
GST HELP DESK In order to respond to various queries on GST from public at large/members/students, the Institute of Cost Accountants of India is launching this GST Help Desk. Any person can raise query relating to GST through email. The query will be resolved within 48 hours of receipt and the concerned person will get… Read More »