Category Archives: GST Updates

Rs 65 crore IGST refund claims settled, GST

Rs 65 crore IGST refund claims settled BHUBANESWAR: Bhubaneswar Zone of GST, Central Excise and Customs, settled Integrated Goods and Services Tax (IGST) refund claims amounting to around `65 crore in less than a fortnight. Commissioner of Customs (Preventive) Deep Shekhar said a 15-day drive was launched by the Central Board of Indirect Taxes and […]

RBI finds no evidence of de-stocking by firms despite note ban, GST

RBI finds no evidence of de-stocking by firms despite note ban, GST Despite demonetisation and implementation of the Goods and Services Tax (GST), there was no evidence that listed private sector manufacturing firms have de-stocked or liquidated their inventories, the Reserve Bank of India (RBI) said. In the report, analysing the performance of listed non-government, […]

Travel agencies searched on suspicion of GST evasion

Travel agencies searched on suspicion of GST evasion AHMEDABAD: A team of the Directorate General of Central Excise Intelligence (DGCEI) carried out searches at four travel firms in Ahmedabad on Tuesday. The searches had taken place on the basis of information that the firms may be ferrying parcels without paying the Goods and Services Tax […]

Duty-free goods sold to outbound ships taxable under GST

The Authority for Advance Ruling (AAR) in Andhra Pradesh has ruled that warehoused duty-free ship stores, which stock goods imported without payment of duty and sell to outbound ships, will be liable to pay the goods and services tax (GST) on supplies made to Indian naval ships, coast guard ships and ocean-going merchant ships. The […]

Note ban, GST caused ₹16,000 crore loss to knitwear business in Tirupur: Minister

Exports fell by 10% in the country, by 5.6% in Tamil Nadu Textiles and Handlooms Minister O.S. Manian told the Assembly on Friday that the Goods and Services Tax, demonetisation and international competition had severely impacted the knitwear business in Tirupur. The Tirupur knitwear sector, including exports, was worth ₹50,000 crore. Last year, its value […]

GST refunds by 20 June 2018, commercial tax dept says

AHMEDABAD: In a recent circular issued by the State Commercial Tax Department on June 4, taxpayers have been assured that refunds pending under Goods and Services Tax (GST) regime will be processed in a fortnight – by June 20. The announcement comes at a time when industries are reeling under working capital shortage, as their […]

Treatment of “Free gifts” or FOC items under GST law

Treatment of “Free gifts” or FOC items under GST law The issue of taxability and Input Tax Credit availability on gifts has been a constant matter of discussion and confusion among trade and professionals too. Especially with the festive season following the implementation of GST in India, “Sale”, “gift and “free” are the buzzwords at […]

Accounts & Records To Be Maintained Under GST (Sec. 35, 36 of CGST Act)

Accounts & Records To Be Maintained Under GST (Sec. 35, 36 of CGST Act) Sec. 35 (1) – Every registered person shall keep and maintain at his Principle Place of Business, true and correct account of: Production or manufacture of goods; Inward and outward of goods or services or both; Stock of goods; Input tax credit […]

how to set off Input Tax Credit against tax liabilities under GST

how to set off Input Tax Credit against tax liabilities under GST GST is a dual concept system. On every transaction (within a state), there will be a component of Central GST (CGST) and State GST (SGST). Integrated GST (IGST) is for interstate transactions. Therefore, it is important for businesses to know how to set […]

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