Articles & Latest Update - income tax - Gst - thetaxtalk

Introduction:- When we talk about exports under GST, we have to understand the laws and regulations applicable to the import and export of both services and goods. In this article, we will provide you the details of these laws to help you in your business. As per sec2(5) of IGST Act, 2017– “Export of Goods”, with its grammatical variations and cognate expressions, means taking out of India to a place outside India. But when we talk about Deemed export - According to sec 2(39) of CGST ACT,2017 it meanssuch supplies of goods as may be notified under section 147. As per Section 147 of CGST Act 2017, The Government may, on the recommendations of the Council, notify certain supplies of goods as deemed exports, where goods supplied do not leave India, and payment for such supplies is received either in Indian rupees or in convertible foreign exchange, if such goods are manufactured in India. On the other hand - Zero rated supplies are defined in IGST Act 2017 under Section 16(1) means any of the following supplies of goods or services or both namely: a) export of goods or services; or b) supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit. It is cleared from the above definition that Deemed exports are not covered in zero rated supplies under GST. Therefore, all supplies will be subject to taxes. Note No. 48/2017-Central Tax :- In exercise of the powers conferred by sec 147 of the central Goods and Services Tax ACT, 2017, the Central Government, on the recommendations of the council hereby notifies the supplies of goods as Deemed exports, namely. Sr.No Description of Supply 1 Supply of goods by a registered person against Advance Authorization. 2 Supply of capital goods by a registered person against Export Promotion Capital Goods Authorization. 3 Supply of goods by a registered person to Export Oriented Unit. 4 Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorization. Explanation:- For the purpose of above Notifications,  Export Oriented Unit means an ExportOriented Unit or Electronic Hardware Technology Park Unit or Software Technology Park Unit or Bio-Technology Park Unit.  Advance Authorization means an Authorization issued by the Director General of Foreign Trade under chapter 4 of the Foreign Trade Policy 2015-20 for import or domestic procurement of inputs on pre-import basis for physical exports.  Export Promotion Capital Goods Authorization means an Authorization issued by the Director General of Foreign Trade under chapter 5 of the Foreign Trade Policy 2015-20 for import of capital goods for physical exports. However tax paid on such supplies can be claim by way of refund by following the procedure mentioned in the Act.

Deemed Export Under GST

Income tax payers will get refunds within 24 hours

Income tax payers will get refunds within 24 hours

Section 9(4) dealt with RCM liability in case of purchase of goods and/or services by registerd persons from unregistered persons.

Section 9(4) dealt with RCM liability in case of purchase of goods and/or services by registerd persons from unregistered persons.

TDS: DEFAULTS AND CONSEQUENCES

TDS: DEFAULTS AND CONSEQUENCES

Who is Not Required to Register under GST

Who is Not Required to Register under GST

Brief note and FAQs on Unique Document Identification Number *(UDIN)

Brief note and FAQs on Unique Document Identification Number (UDIN)

How much tax will save after budget

How much tax will you save? Income between Rs 2.5 lakh and Rs 5 lakh in pre budget and post budget scenario

JOB WORK – ANALYSIS UNDER GST

JOB WORK – ANALYSIS UNDER GST

Guide to register Online complaint against ‘Anti-profiteering’ activity

Guide to register Online complaint against ‘Anti-profiteering’ activity

Importing Invoices from e-Way Bill System into Form GSTR-1 - Reg

Importing Invoices from e-Way Bill System into Form GSTR-1 – Reg

GST under Affordable housing project

GST under Affordable housing project

Beware !! Agricultural land whether held as capital asset or stock-in-trade is covered under ambit of sec. 56(2)(vii)(b)

Beware !! Agricultural land whether held as capital asset or stock-in-trade is covered under ambit of sec. 56(2)(vii)(b)

Validity of reassessment on the basis of information of shell companies

Validity of reassessment on the basis of information of shell companies

9 Tax proposal in the Interim Budget -2019

9 Tax proposal in the Interim Budget -2019

Loans written off - Amount in respect of which there was no allowance or deduction claimed by assessee amounted to capital receipt not liable to tax u/s 41(1)

Loans written off – Amount in respect of which there was no allowance or deduction claimed by assessee amounted to capital receipt not liable to tax u/s 41(1)

Purchase of semi finished apartment within period prescribed time and admissibility exemption under sec. 54F

Purchase of semi finished apartment within period prescribed time and admissibility exemption under sec. 54F

No tax as revenue receipts if shares are held by trust in fiduciary capacity and trust had acted as mere SPV of settler company: HC

No tax as revenue receipts if shares are held by trust in fiduciary capacity and trust had acted as mere SPV of settler company: HC

Actual benefit to flow to Individuals earning beyond Rs. 5 Lakh also

Actual benefit to flow to Individuals earning beyond Rs. 5 Lakh also