Letter of undertaking (LUT) is an undertaking to be given by Owner/Proprietor/Working Partner/Managing Director of an entity in case such entity is doing export business (i.e. export of goods or services or both) or supplying Zero rated goods…
In the GST Council meeting on 16/12/2017 held through Video Conferencing, “implementation of e-way bill system” was discussed. Some of the states (not all) are already using their own way bill systems with their own old rules. Due…
SAC Code Stands for Service Accounting Code for Service Sector. Likewise, HSN Codes for Goods, SAC codes are used for Service Sector. As per Invoicing and return rules in GST, SAC codes are mandatory if turnover in preceding…
First of all, we will discuss the scenarios where input tax credit (ITC) allowed on stock in hand at the time of registration: Scenario 1: Where registration required where turnover crossed threshold limit or it obligatory to get…
EXPORT PACKAGE GST PRESS BRIEF-06.10.2017 The GST Council Meeting under Chairmanship of Union Finance Minister Shri Arun Jaitley (22nd Meeting) at Delhi today (06.10.2017) approved a major relief package for exporters. Mindful of the difficulties faced by exporters…
PRESS RELEASE 6th October, 2017 Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017 GST package for Small Units The GST Council, in its 22nd meeting held at New Delhi…
What is Letter of Undertaking (LUT) ? A Letter of Undertaking is an undertaking by authorized persons of an entity that they will not pay tax on their export sales and will always abide by GST laws at…
Few days ago, government issued advisory for taxpayers on filing of GSTR-1 for the month of July 2017 to avoid confusions and errors on first time filing at GSTN Portal and to provide know how of this system.…
Concept of Input Service Distributor or say ‘ISD’ has been taken from earlier indirect tax well known as Excise Laws. Under this concept, big business houses are able to distribute common input tax credits of an un-productive unit…
Like VAT, it is also being provided in GST that government officials can verify and inspect any vehicle. Along with this, there are some additional provisions are inserted to empower tax payer and enhance transparency in the system.…
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