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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...

The benefits to professionals in learning and providing service in GST as soon as possible could among many more be as under:  

1. Retain existing clients by providing the initial services to transit and comply with GST.  
2. Get many new clients shifting from those consultants who are not updated with GST.  
3. Increased/ wider basket of services- expand the firm capability.  
4. Increased fees due to increased work & time requirement especially in regular compliance and...