Blogs

GST for goods has provided schedules in line with VAT but the principles are based on the customs classification ( also adopted in central excise) The need to classify properly is understood by all as it may lead to payment of differential tax with credit in case of self correction and maybe without credit otherwise. Also no credit beyond limitation period for ITC post the annual returns. We have made an attempt to share the possible steps to be followed to arrive at appropriate...

Changes in IEC with the introduction of GST: (Trade notice number 09 dt 12.06.2017)  

With the introduction of GST, the GST Identification Number (GSTIN) would be used for the following purposes:  

• Credit flow of IGST on import of goods  
• Refund or rebate of IGST on the export of goods  

As the above requirement is fulfilled on transaction-level it has been decided that only GSTIN is required to be mentioned at the time of import and export of goods.  

Further,...

Long pending GST law has been implemented in India from 1st July 2017. Though it was introduced in hurry with lot of confusions and lack of clarity in many areas, we have to get used to it and move on. GST may not be actually ‘Good and Simple Tax’ as described by honorable prime minister Narendra Modi ji. However, this new law has lot of advantages for a businessman especially the manufacturer or trader located in multiple States. One such advantage is seamless credit of tax paid on...