Blogs
GST - Key activities to be carried out at the Year End
- Procurement / Renewal of LUT for FY 2020-2021
- 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.
- 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...
Amendment in Rule 96(10) – Sigh of relief to Goods Exporters
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...
Summary of decisions taken by the GST Council in 39th Meeting on 14th March 2020
[proposed to be made effective from 1stApril 2020]
|
Supply of goods/ service |
Present GST rate |
Proposed by GST council |
|
Mobile Phones & specified parts |
12% |
18% |
|
All types of Matches |
Handmade: 5% Others: 18% |
12% |
|
Maintenance, Repair and Overhaul (MRO) Services for aircrafts ... |