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Introduction:- India’s Foreign Trade policy (FTP) has, conventionally, been formulated for five years at a time and reviewed annually. The focus of the FTP has been to provide a framework of rules and procedures for exports and imports and a set of incentives for promoting exports. The benefits under foreign trade policy encourage the exporter to export the goods as well as service.

Advance Authorisation is a license issued under chapter 4 of Foreign Trade Policy 2015-20. This Advance...

1. Need for Valuation Rules for Transactions Within Company

During the pre-GST era, for inter-State stock transfers, the major concern of the Industry was with regard to the additional cost of CST and the compliance burden of submission of statutory forms. However, there was no concept of deemed service between branches located in two different States and hence there was no requirement to pay Service Tax on such activities. With the introduction of GST, by virtue of Schedule I, the...

Contents

1.  Procedure for E-invoicing...................................................................................................... 

2.  Common GST Electronic portal notified for generating e-invoice.............................................

3.  Specified persons who are required to prepare e-invoice with effect from 1^st April 2020............

4.  Mentioning of QR Code in...

Background

Under GST, tax is levied on the taxable supply of goods/services. Tax is applicable on the taxable goods/services supplied in India.

The manufacturing industries now a days they stick to their core competencies and get most jobs done on outsourced basis. In order to meet the several demands of the markets the manufacturing industry usually outsources part or whole of manufacturing process to another person namely job worker for the addition of the value of goods (such as...

Background

Under GST, tax is levied on the taxable supply of goods/services. Tax is applicable on the taxable services supplied in India.

In the GST regime, intermediary services by Indian suppliers to foreign principals are taxed to GST. In common parlance, any person who enables the supply of goods/services between two persons is considered as an intermediary.

There has been a lot of confusion regarding tax implications on the pre-sales and post-sales services vs intermediary...