Quick Summary
In a significant move to boost exports, the Central Government has issued Notification G.S.R. 62(E) under the Central Goods and Services Tax Act, 2017, Goods and Services Tax (Compensation to States) Act, 2017, and the Integrated Goods and Services Tax Act, 2017. The notification exempts intra-state and inter-state supply of taxable goods meant for export from the compensation cess above 0.1%, subject to specific conditions. This measure, effective immediately, aims to streamline export operati
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FAQ :
Exports of taxable goods are now exempt from compensation cess above 0.1%, effectively allowing them to be supplied at a concessional rate of 0.1% under specific conditions.
Registered suppliers and recipients involved in international trade are eligible, provided they meet the conditions outlined in the notification, such as being registered with an Export Promotion Council.
The goods must be exported within 90 days from the date of the tax invoice issued by the supplier.
Key documents include a tax invoice, shipping bill or bill of export, proof of registration with an Export Promotion Council, and evidence of export within the stipulated time.
If the recipient fails to export the goods within the 90-day period, the supplier will lose eligibility for this concessional rate exemption.
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