Blogs
Taxability of Advances under GST
Time of Supply is the key factor that determines the taxability of advances. Before analyzing the taxability of advances under GST, It is pertinent to note the taxability of advances under old laws (VAT, Excise & Service tax), which is as followed:
- Time of supply for for supply of goods, under old laws (Excise/VAT), time of supply date of Removal of goods / Date of Invoice.
- For the services, Time of supply in brief, was earliest of receipt of payment / date of completion of...
All you should know while filing GSTR -3B Return
Filing of GSTR-3B return is the first formal communication of business transactions with the government machinery in the GST era. It holds lot of importance especially in the current scenario where many businesses are still struggling with the basics of this new law i.e. obtaining provisional id’s, issues in logins, interpretation issues in law, dealing with the procedural aspects and many more… The list can just go on. Amidst all these barriers, the show has to still go on and one has...
Read more176. FTP Corner August 2017
- Clarification regarding exports under claim for drawback in the GST scenario
The higher All Industry Rates (AIRs) under Duty Drawback scheme has been continued for a transition period of three months i.e.1.7.2017 to 30.9.2017 (Circular No. 22/2017-Customs dated 30.6.2017).
CBEC has issued circular 33/2017- Customs to clarify certain aspects regarding claiming higher rate of duty draw back. Few important aspects are listed below:
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- Government has...