igst

As customs duty is already exempt, these imports will not attract any customs duty or IGST In view of the COVID-19 pandemic, the Central Government has issued notifications exempting Basic Customs Duty and/or Health cess on imports of a number of COVID-19 related relief materials, for a limited period. These include-   S. No. Notification Purpose 1. 27/2021-Customs dated 20.04.21 (as amended by notificat..

IGST on Import of Oxygen Concentrators for personal use has been reduced from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same. This reduced IGST rate for imports of concentrator for personal use shall be applicable upto the 30/6/21, The official notification released by CBIC has been mentioned below: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]  GOVERNMENT OF INDIA  MINISTRY OF FIN..

Centre releases Rs. 30,000 crore as GST Compensation as well as Rs. 28,000 crore as IGST ad-hoc settlement to the States/UTs The Central Government has released GST Compensation of Rs. 30,000 crore to States as part compensation admissible for FY 2020-21 on 27th March, 2021. The total amount of compensation released so far for the year 2020-21 is Rs. 70,000 crore. As per the decision of GST Council, back to back loan of Rs. 1,10,208 crore has also been released in lieu of shortfall in re..

The Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error. This overcomes the problem of refund blockage by allowing refunds subject to undertakings/submission of CA certificates by the exporters and post refund audit scrutiny. This facilitation was issued Vide Circular 04/2021 and would be applicable to all shipping bills filed up ..

At the present Sec. 16 of IGST Act deals with zero rated supplies under GST, the Finance bill 2021 proposed the changes in some provision in section 16 and the same produced below As per section.16 (1) of IGST Act, zero rates supplies means The export of goods or services both or Supply of goods or services or both to Special economic zone or special economic zone developer   Amendment It is proposed to amend in clause (b) that 'Supply of goods or services or both ..