GST Refund Mechanism for Export of Services under GST The blog outlines the GST refund mechanism for export of services, explaining the legal provisions, eligibility criteria, and refund process. Below is a structured summary: Definition of Export of Services (Sec 2(6) IGST Act) A transaction qualifies as an export of services if: Supplier is in …
GST refund process for exports with payment of IGST GST refund process for exports with payment of IGST under the present return filing system. Key Steps in the GST Refund Process for Exports with IGST Payment (a) Filing of Shipping Bill on ICEGATE The shipping bill serves as a key document for processing refunds. Export-related …
Key Announcements Union Budget 2025 presented by FM Nirmala Sitharaman The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduces a series of initiatives aimed at fostering inclusive development, bolstering economic growth, and enhancing the welfare of various societal segments. Key Announcements Union Budget 2025 Agriculture and Rural Development: Launch of the Dhan Dhanya …
Overview of Leave Travel Allowance & its tax benefits Overview of Leave Travel Allowance (LTA) and its tax benefits. However, some aspects may need updates or clarifications based on recent tax regulations. Here are a few key points to consider: Block Period Update – The current block period is 2022-2025, not 2014-2017. Employees should ensure …
GSTR-2B EXCEL MODULE INTRODUCED WITH 6 MORE TABLES STARTING JAN 2025 Starting January 2025, the Goods and Services Tax system in India has introduced significant updates to the GSTR-2B Excel module, incorporating six additional tables to enhance the identification of ineligible Input Tax Credit. These new tables categorize rejected ITC for taxable inward supplies, amendments, …
Cryptocurrencies Taxation in India The income tax department reported that the taxation system for cryptocurrency in India has been established as follows: With effect from April 2022, income generated from cryptocurrency transactions is subject to a 30% tax. No income tax deductions against any expenses whatsoever is allowed. Moreover, crypto businesses are expected to pay …
Bogus political donations & fraudulent claims u/s 80GGC & 80GGB This issue highlights a major concern regarding bogus political donations and fraudulent deduction claims under Section 80GGC (for individuals) and Section 80GGB (for companies) of the Income Tax Act. These sections allow 100% tax deduction for donations made to registered political parties. However, since political …
Newly added High-Value Transactions threshold limits Income Tax Cash Transaction Rules & Regulations Section 269ST – Restriction on Cash Transactions No person can receive ₹2 lakh or more in cash: In a single day from one person. and For a single transaction, even if received on different days. also For multiple transactions related to a single …
ITC denial to Bonafide purchasers due to sellers’ non-compliance The Gauhati High Court’s ruling in the case of National Plasto Moulding Pvt. Ltd. vs. State of Assam & Ors. is a critical development in GST law, addressing the denial of Input Tax Credit to bona fide purchasers due to non-compliance by sellers. This ruling is …
Specific Issues and Challenges Under Valuation under GST, The document titled “Valuation under GST – Specific Issues and Challenges” provides detailed insights into key valuation issues under GST, specifically on topics like post-supply discounts, the concept of pure agents, related party transactions, and damages/compensation. Treatment of Discounts under Section 15 under GST law : Value …