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CBIC issued requirement for New LUT for the Financial Year 2019-2020

The CBIC vide Instruction No. 450/153/2017 – Cus IV dated April 30, 2020, which states that the exporters to submit a New LUT for the F.Y 19-20 while clearing export shipments. Therefore, vide Circular No. 137/07/2020-GST dated 13.04.2020, where the requirement under the GST Law for furnishing of any report, document, return, statement or such other record falls

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Filing and Viewing Form GST PMT-09 : Step by Step

1. Filing Form GST PMT-09 2.Viewing Filed Form GST PMT-09 How can I file view Form GST PMT-09? Form GST PMT-09 enables any registered taxpayer to perform intra-head or inter-head transfer of amount as available in Electronic Cash Ledger. Thus, a registered taxpayer can now file Form GST PMT-09 for transfer of any amount of

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Paying Guest Accommodation Services to Students Cannot be Treated as Renting of Residential Dwelling, Liable to GST

Where applicant (lessor) is providing services of leasing of a building, not individually but as a group of persons, to a company which is engaged in business of providing affordable residential accommodation to students on a long term basis, exemption prescribed under Entry No. 13 of Notification No. 9/2-17 – Integrated Tax (Rate), dated 28-6-2017

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6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled

India is considering a goods and services tax (GST) relief package to counter the impact of Covid-19 and help prop up the economy, said people with knowledge of the matter. The package being considered could include a six-month suspension of GST payments for the worst-hit sectors such as restaurants, aviation and hospitality as well as

6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled Read More »

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Input Tax Credit on capital goods under GST: How to claim, meaning, depreciation; all you need to know

Meaning of capital goods for the purpose of claiming ITC  As per section 2(19) of CGST Act, capital goods means goods, the value of which is capitalised in the books of account of the person claiming the credit and which are used in the course of or furtherance of business. Capital goods shall include Plant

Input Tax Credit on capital goods under GST: How to claim, meaning, depreciation; all you need to know Read More »

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IGST refunds on exports-extension in SB005 alternate mechanism

The matter has been re-examined. Considering that the entire country is facing unprecedented challenges due to the COVID 19 pandemic , and that the exporters are facing genuine hard-ships due to the SB005 errors, it has now been decided to extend the facility of SB005 error correction in the Customs EDI system for Shipping Bills

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Mask and sanitizer will not be GST free, Supreme Court dismisses petition

The Supreme Court on Tuesday dismissed a public interest litigation (PIL) seeking seeking exemption on face masks and hand sanitizers from the Goods and Services Tax. Heading a three-member bench, Justice NV Ramana also pulled up the lawyer for the petition saying: “You are an advocate, and we think you do not have any work at this time.

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