Classification of Risky exporters under GST Act w.r.t IGST Refund

As per the SOP issued by DGRM and the SOP issued in the year 20.05.2020, it is instructed to Custom and GST field Formations for the classification of risky exporters under rule 96. The DGRAM has issued an advisory for classifying risky exporters on their previous background and the data should be sent to the Risk management centre of customs for putting the alert in system. The custom field formations we required to conduct a detailed examination of the export of goods and identify the expor..

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Manner of processing and sanction of IGST refunds transmitted to jurisdictional GST authorities under rule 96(5A)

The CBIC has issued Instruction No. 04/2022-GST dated November 28, 2022 regarding the Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the Central Goods and Service Tax Rules, 2017 ("the CGST Rules").   Attention is invited to Standard Operating Procedures (SOPs) for verification of risky exporters and their suppliers dat..

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Credit of IGST Paid on Import of Goods not reflected in GSTR-2B

Bill of Entry not reflected in GSTR-2B Importers can claim IGST and cess paid on their imports only after issuing the bill of entry (BoE). Hence, taxpayers must access the bill of entry on the portal to avail input tax credit seamlessly. The GST Network (GSTN) provides a framework to taxpayers for finding the relevant bill of entry. At times Bill of Entry (BoE) is not reflected in GSTR-2B, and we all are well aware the we cannot claim Input Tax Credit (ITC) of inward supplies not reflected in..

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CBIC extends Exemption of IGST & Compensation Cess for imports under specified export incentive schemes till June 30, 2022

Exemption of IGST & Compensation Cess on imported goods or procured by EOU's, STP Units, EHTP units etc., till June 30, 2022 Read the official notification below - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 31st March, 2022 No. 18/2022-Customs   G.S.R. 249(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Governme..

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Basic overview of CGST, SGST, IGST and UTGST

Under GST, the Central Government collects CGST, SGST or IGST which is depend upon if the transaction is intrastate or it is interstate. On the off chance that the inventory of labor and products is being done inside the state then it is called as intra-state supply, and for this situation CGST and SGST will be gathered. Though if the inventory of labor and products is being done between two states then it is called as between state supply, and for this situation IGST will be gathered. It is ..

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Explanation of Condition V of Section 2(6) of IGST Act, 2017

First we will understand the Definition of Export of Service Export of Service As per the Section 2(6) of IGST Act, 2017 "export of services" means the supply of any service when, The supplier of service is located in India. The recipient of service is located outside India. The place of supply of service is outside India. The payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupee wherever permitted by ..

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Clarification Relating To Export of Services-Condition (V) Of Section 2(6) of the IGST Act 2017

Question: Whether the supply of service by a subsidiary/ sister concern/ group concern, etc. of a foreign company in India, which is incorporated under the laws in India, to the foreign company incorporated under laws of a country outside India, will be hit by condition (v) of sub-section (6) of section 2 of IGST Act. Answer:   I. ANALYSIS OF THE ISSUE What is export of service? 1. A company incorporated in India and a foreign company incorporated outside India, are separate ..

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Ad hoc Exemption from IGST on imports of specified COVID-19 relief material donated from abroad

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..

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IGST on import of oxygen concentrators for personal use reduced to 12%

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..

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Centre releases state-wise GST compensation / IGST Settlement for the FY 2020-21

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..

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CBIC provides facilitation for exporters having IGST refund issues

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 ..

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Critical Amendment Proposed in Zero Rated Supplies under IGST Act

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 ..

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