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1. Procurement / Renewal of LUT for FY 2020-2021
2. Following reconciliations to be maintained –
   • Outward supplies as per books and GST returns (Books vs GSTR-1 vs GSTR-3B)
   • ITC claimed in GSTR-3B vs ITC appearing in GSTR-2A
   • Reconciliation of balance of credit and cash as per GST portal with balance appearing in books.
3. Check requirement for any ITC reversal or ITC to be reclaimed
   • Rule 37 – Any ITC reversal required on account of non-payment within 180 days or...

Section 16 of IGST Act, 2017 entitles exporters to claim refund under either of the two options:

1. Export without payment of IGST under bond or Letter of Undertaking (LUT) and claim refund of unutilized Input Tax Credit (ITC) or

2. Export with payment of IGST and claim refund of such IGST paid.

The 2nd option is more viable & beneficial since the former option comes with certain restrictions & limitations viz.,

ITC on Capital goods is not refundable.

Transitional ITC is not...

1. Changes in GST rates recommended:

[proposed to be made effective from 1^stApril 2020]

KEY CHANGES IN GOODS AND SERVICES TAX ACT 2017

1. Insertion in the definition of Union Territory

– Section 2(114) of CGST Act 2017

The definition of Union Territory is amended to replace/include the UTs of Dadra and Nagar Haveli and Daman and Diu; and Ladakh. This amendment would be effective from a future notified date.

Our Comments: This amendment was made to give effect to making Ladakh a Union Territory with effect from 31.10.2019 and making Dadra and Nagar Haveli...