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Service Exports from India Scheme Benefits under FTP
Overview
Service Exports from India Scheme (hereinafter referred as ‘SEIS’) has been introduced by the Government of India under the Foreign Trade Policy 2015-20 w.e.f. 01.04.2015(hereinafter referred as ‘FTP’) replacing the erstwhile 'Served From India Scheme (SFIS)’ under the FTP 2009-15. Under FTP, SEIS incentives are given to the service exporters in the form of scrips, which are transferrable and can also be used for making payment of duties.
Objective of the SEIS...
Read moreImpact of Kerala Flood Cess –GST
Introduction and background
In August 2018, the State of Kerala faced a devastating flood due to high rainfall which was the worst flood in nearly a century. There was huge loss to the assets, revenue of the State. As a result, the State of Kerala proposed for levy of additional cess in GST which was approved by the GST council in its 32nd Council meeting held on 10th January 2019. The council approved the proposal of State of Kerala to mobilise the revenue through levy of additional cess...
Read moreUnion Budget 2019 - H&A Update
GOODS AND SERVICES TAX ACT 2017
1. Amendment for Composition scheme
– Section 10 of CGST Act 2017
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An alternative composition scheme for payment of tax at 6% is provided for supplier of services or mixed suppliers (not eligible for the earlier composition scheme) having an annual turnover in preceding FY upto Rs 50 lakhs. Following are the points to be noted
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To avail this scheme such persons
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Do not supply of goods or services...
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