Assessee is Eligible for Interest on Excess Amount Paid on Self-Assessed Tax: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/assessee-eligible-interest-excess-amount-paid-self-assessed-tax-kerala-hc/14954/
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Loss derived from Trading in Derivatives carried out prior to 25.01.2006 can’t be treated as Speculative Loss: ITAT [Read Order]
Read more at: http://www.taxscan.in/loss-derived-trading-derivatives-carried-prior-25-01-2006-cant-treated-speculative-loss-itat/14966/
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Assessee is Eligible for Interest on Excess Amount Paid on Self-Assessed Tax: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/assessee-eligible-interest-excess-amount-paid-self-assessed-tax-kerala-hc/14954/
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GST: Importers of Food and Cosmetics can claim Refund of Excess Tax Paid
Read more at: http://www.taxscan.in/gst-importers-food-cosmetics-can-claim-refund-excess-tax-paid/14969/
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ITAT rejects Assessee’s Plea of ‘Wrong Legal Opinion’ since She is a Director of a Company [Read Order]
Read more at: http://www.taxscan.in/itat-rejects-assessees-plea-wrong-legal-opinion-since-director-company/14950/
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Interest from deposits made with Banks is ‘Business Income’ even if Assessee’s Application for NBFC was rejected by RBI: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-deposits-made-banks-business-income-even-assessees-application-nbfc-rejected-rbi-itat/14945/
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# *15 DEC 2017* is the last date for payment of 3rd installment of Advance Tax for AY 2018-19.
# *IBC*: Clause (e) of Section 2 of the Code has been substituted with three clauses. This would facilitate the commencement of Part III of the Code relating to individuals and partnership firms in phases.
# *IBC*: NCLT has struck down an attempt by a group of banks to block an insolvency resolution plan by citing the 75% vote share requirement prescribed under Section 30(4) of the IBC, 2016.
# *BITCOIN*: Government is planning to set up panel to decide on bitcoin policy. The RBI has last week warned the public of the risks related to virtual currencies (VCs).
# *RBI* has launched an SMS campaign and a 'missed-call' helpline to warn people against prize money frauds.
# *IT*: "TDS u/s 195 - merely because an entry is made in the books of accounts does not mean that the non-resident received any payment in India – CIT Vs. Maruti Suzuki India Ltd. (2017 (12) TMI 474 - Delhi High Court).
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IBBI notifies Regulations for handling of Grievances and Complaints [Read Notification]
Read more at: http://www.taxscan.in/insolvency-bankruptcy-board-india-ibbi-notifies-regulations-handling-grievances-complaints/14928/
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Central Government revised FTP vide Notification No. 41/2015-2020 dated 05.12.2017. FTP 2015 – 20 has been amended in such a way that it is in line with the provisions of GST.
1. SEIS Rate has been increased from 5% to 7% for export of Professional Services, R&D Services, Rental & Leasing services, Business services, Tourism related services, Recreational, Cultural, and Sporting services, Transport services, Construction and related Engineering services, Educational services, and Health related and Social services. Notified SEIS Rate would be valid till 31.03.2018.
2. MEIS Rate has been increased from 5% to 7% for export of specified Agricultural products, Textile, leather, agriculture, carpets, marine-products, etc.
3. Few ineligible categories of exports/sectors provided under the Para 3.06 and 3.09 of FTP 2015–20 has been shifted to the Appendix 3B & 3D of HBP 2015 - 20. This may be with a view to empower the DGFT to amend such ineligible categories/sectors, from time to time.
Advance Authorisation Scheme
4. Trust Based Self Ratification Scheme: Where SION is not notified by the DGFT, an Authorised Economic Operator (AEO)can obtain the Advance Authorisation based on the wastage norms declared by them to be certified by the Independent Chartered Engineer. Such cases will not be referred to the Norms Committee for fixation of Adhoc norms. This facility may be extended to other categories of exporter also.
EPCG Scheme
5. Installation certificate has to be obtained from the jurisdictional Customs Authorities instead of Central Excise Authorities, or from the Independent Chartered Engineer, at the option of the EPCG Holder.
6. Capital goods installed at one unit are permitted to be shifted to another unit, provided the other unit is appearing in the IEC and RCMC of the EPCG Holder.
7. New Appendix 5F, listing out the negative list of items not permitted to be imported under the EPCG scheme has been notified.
EOU Scheme
8. Administrative control has been shifted from the Central Excise Authorities to the Customs Authorities. No Due Certificate has to be obtained from the Customs Authorities for exiting from the EOU Scheme.
9. No value limit on DTA sale of goods by an EOU. Limit on DTA sale upto 50% of FOB value of exports has been removed. However, said value restriction continues for DTA sale of services. Advance DTA sale retained upto 50% of estimated exports for first year.
Deemed Exports
10. Scope of 'Deemed exports' for the purpose of the FTP and the GST is explained.
11. Erstwhile list of categories of Deemed Exports for the purpose of FTP continues except supply of Marine Freight Containers by 100% EOU which is now excluded.
12. TED refund benefit is restricted for supply of Excisable products under Schedule 4 of Central Excise Act 1944, to the AA holder and to the EOU.
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👉🏻SBI changes names, IFSC codes of around 1300 branches.*
(The country’s largest lender has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others)
👇🏻 👇🏻 👇🏻
https://goo.gl/CCfYST
*👉🏻IBBI notifies Regulations for handling of Grievances and Complaints.*
(The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code, 2016 (Code), to file a grievance or a complaint against a Service provider, namely, insolvency professional agency, insolvency professional, insolvency professional entity or information utility)
👇🏻 👇🏻 👇🏻
https://goo.gl/a6rQeH
*👉🏻RBI takes to SMSes, missed-call helpline against prize frauds.*
(RBI/RBI Governor/Government never sends such email/SMS/call," the central bank says in one such SMS, while asking them to give a missed call to a phone number (8691960000)
👇🏻 👇🏻 👇🏻
https://goo.gl/uwobpd
*👉🏻ICAI clarifies regarding reservations in CA course.*
(ICAI has informed that as per the information available with the Institute, no such case has been instituted in any Court of Law by any person seeking direction to the Institute for making provision for reservation in Chartered Accountancy course as no notice has been received by the Institute till date.)
👇🏻 👇🏻 👇🏻
https://goo.gl/91U1ih
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Reversal of ITC in case of reduction in tax rate on restaurant services
In 23rd meeting of GST Council, it was decided to reduce the tax rate on restaurant services with no facility of ITC. Notification no. 46/2017-Central Tax (Rate) dated 14-11-2017 has been issued to implement this decision. This notification prescribes the rate of tax at 2.5% CGST on standalone restaurants and restaurants situated in hotel, club, guest house, etc. which has declared tariff of any room less than Rs. 7500/-. This rate is subject to the condition that no ITC is availed on the goods and services used for providing this service. This notification is effective from 15.11.2017. The assessees falling in this category were availing the ITC upto 14.11.2017. Therefore, they had availed the ITC on the stock of goods lying with them as on 14.11.2017.
One school of thought is of view that the said ITC lying in the Electronic credit ledger is liable to be reversed. This view is supported by stating that the assessee have claimed the ITC on the goods and services which are used in supplying the goods or services on 15.11.2017 & onwards. Therefore, since the benefit of ITC has already been claimed on the inward supplies of goods and services, the benefit of concessional rate is not admissible as the condition attached to this notification is not satisfied.
In the case of EICHER MOTORS LTD. Versus UNION OF INDIA [1999 (106) E.L.T. 3 (S.C.)], Hon'ble Supreme Court has held that the right to the credit has become absolute at any rate when the input is used in the manufacture of the final product. The basic postulate, that the scheme is merely being altered and, therefore, does not have any retrospective or retro-active effect. In view of this decision, we can conclude that the once ITC is legitimately availed, it cannot be taken back.
Similarly, Hon'ble Rajasthan High Court in the case of SHANKESHWAR FABRICS PRIVATE LTD. Versus UNION OF INDIA [2002 (142) E.L.T. 42 (Raj.)] has held that "Right to Modvat credit accrues to assessee on the date he pays tax on raw materials or inputs - Credit having been taken by assessee, Clause 5 of the notification ibid not to be given retrospective effect so as to nullify Modvat credit earned by assessee."
In the instant case of High Court, the appellant shifted from normal duty to compounded levy scheme and it was pleaded by assessee that his product is not exempted and he has shifted from one mode payment of duty to another mode of payment of duty. The Government can restrict the taking of Cenvat credit from a particular date but the right earned cannot be taken back.
In view of the above discussed decisions given by Hon'ble Supreme Court and High Court, we can safely claim that Cenvat credit is the right accruing to the assessee on the date of payment of tax on raw materials. Once it is taken, it cannot be demanded back without authority of law. Therefore, demanding back the rightfully availed credit without any specific provision in law is not viable. It is worthwhile to mention here that the system of reversal of ITC is there only if the supply becomes wholly exempted. There is no such provision if the partial exemption is granted, i.e. rate is reduced to some extent.
In view of above discussion, in absence of any specific provision in this regard, we can safely claim that the decision of Supreme Court as discussed above is still applicable and any demand on the credit rightfully availed will not survive
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🍎 *DISA: The Question/answer Database* for DISA/CISA Exam (Covering 992 Question & Answer) download from here http://www.casango.org/isa-question-bank/
*GST Advisory* – If you opt for reset of GSTR3B, late fee inadvertently gets visible for months for which it has been waived off.
*RERA Registration requirement* of any Project under RERA - No registration of the real estate project shall be required where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed to be developed does not exceed eight units inclusive of all phases.
*The Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill),* introduced in the Lok Sabha on August 10, 2017, is presently under the *consideration of the Joint Committee* of the Parliament.
*ICAI Clarifies* on Rumors of Reservations in CA course - The general public is hereby advised not to pay any heed to such messages as being circulated by unscrupulous persons.
*NIRC Seminar on Impact Analysis Of GST* On Various Sectors On Saturday 16th December, 2017 at Hotel The Park, Parliament Street, New Delhi register at http://www.nircseminars.org/
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#Economy:The CII Business Confidence Index has climbed up to the level of 59.7 during October-December 2017 compared to 58.3 in the previous quarter, reflecting an improvement in perception regarding overall economic conditions amidst indications of a normalisation in business situation post the recent disruptions like GST. The survey underscores the perception that the economy is on a sustainable recovery path, with the many Govt interventions having an impact on the ground. The climb in business confidence underpins the hope that the upward trend one is seeing on macro figures would be sustained.
#The SBI has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Lucknow, among others.The bank has put up the list of branches with old and new names and IFSC codes on its website.
#The regulations for grievance handling procedure under the Insolvency and Bankruptcy Code have been notified, wherein the filing fee will be refunded to the stakeholder in case the complaint is found to be not frivolous or malicious. The Insolvency and Bankruptcy Board of India, which is implementing the Code, has notified the regulations and will be applicable for all stakeholders, including creditors, debtors and service providers.
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*NCLT suspends Unitech board; Government may take over*
The NCLT suspended the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets, while allowing the Centre to name 10 nominee directors and paving the way for a government takeover of the Unitech.
Unitech is accused of not delivering around 19,000 homes to buyers who have paid for them and owes Rs 723 crore to 51,000 fixed-deposit holders. On October 30, the Supreme Court had asked Unitech promoters to deposit Rs 750 crore in its registry by end-December, allowing them to sell their properties for raising the cash.
Forensic audits carried out on majority of projects of the company have repeatedly found that the company has invested more money in the projects compared to what it has received from various consumers.
*Actions taken against Unitech*
The NCLT interim order declared:
●The current directors are suspended and restrained from acting as directors of Unitech.
●All the directors are restrained from alienating, mortgaging, creating charge or lien or interest in the properties owned by them personally or that of the company till the conclusion of investigation.
● The government, on its part, will soon start the process of selecting the 'most competent people' as its nominee directors to the Unitech board.
● A proper inquiry and inspection of the financial status of the company will be undertaken.
● The government will also look at ways to recover funds that might have been siphoned off.
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GSTN Asks Taxpayers to ignore Late Fee while Opting GSTR 3B Reset
Read more at: http://www.taxscan.in/gstn-asks-taxpayers-ignore-late-fee-opting-gstr-3b-reset/14926/
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*Appeals, Review and Revision in GS*
Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal?
Ans. Yes. Any person aggrieved by any order or decision passed against him has the right to appeal. It must be an order or decision passed by an “adjudicating authority”. However, some decisions or orders (as provided for in Section 93) are not appealable.
Q 2. When Commissioner of CGST feels that the order passed is not legal and proper, whether he can revise the order himself?.
Ans. No. The Commissioner of CGST cannot revise the order. In the model law, for CGST and SGST, there are different provisions in this regard. For CGST, as per Section 79(2), the Commissioner of CGST if he finds an order or decision (passed by an adjudicating authority) to be not legal or proper, can pass an order setting out the points for determination where he is of the view that the order is not legal and proper and directing a GSTofficer sub-ordinate to him to file an application to First Appellate Authority (FAA). Such application is then treated by the FAA as if it were an appeal.
Q 3. What is the time limit to file appeal to First Appellate Authority?
Ans. The time limit is fixed as 3 months from the date of communication of order or decision. 156 157
Q 4. Whether this time limit applies even for the departmental appeal/application filed consequent to order of Commissioner of CGST?
Ans. Yes. It applies even for such applications filed which are to be treated as appeal and all the provisions of appeal are made applicable for such application as well.
Q 5. Whether the first appellate authority has any powers to condone the delay in filing appeal?
Ans. Yes. He can condone a delay of upto one month from the end of the prescribed period of 3 months for filing the appeal (3+1), provided there is “sufficient cause” as laid down in the proviso to section 79(4).
Q 6. Whether the first appellate authority has any powers to allow additional grounds not specified in the appeal memo?
Ans. Yes. He has the powers to allow additional grounds if he is satisfied that the omission was not wilful or unreasonable.
Q 7. The order passed by First Appellate Authority has to be communicated to whom?
Ans. First appellate authority has to communicate the copy of order to the appellant and the adjudicating authority with a copy to jurisdictional Commissioner of CGST and SGST.
Q 8. What is the amount of mandatory pre-deposit which should be made alongwith every appeal?
Ans. 10% of amount in dispute (however, for SGST, there 156 157 are additional provisions for which the model law may be referred to, see question no 12 and 13).
Q 9. What is the amount in dispute? Ans. As per explanation to Section 79(6) of MGL, the expression “amount in dispute” shall include–
(i) amount determined under section 46 or 47 or 48 or 51;
(ii) amount payable under rule-------of the GST Credit Rules 201…; and
(iii) amount of fee levied or penalty imposed.
Q 10. Whether in an appeal the FAA can pass an order enhancing the quantum ofduty/fine/penalty/reduce the amount of refund/ITC from the one passed by the original authority?
Ans. The FAA is empoweredto pass an order enhancing the fees or penalty or fine in lieu of confiscation or reducing the amount of refund or input tax credit provided the appellant has been given reasonable opportunity of showing cause against the proposed detrimental order. (First Proviso to Section 79(10)). In so far as the question of enhancing the duty or deciding wrong availment of ITC is concerned, the FAA can do so only after giving specific SCN to the appellant against the proposed order and the order itself should be passed within the time limit specified under Section 51. (Second Proviso to Section 79(10). 158 159
Q 11. (only for SGST law) What is the provision relating to pre-deposit before filing appeal to file appeal to First Appellate Authority under SGST?
Ans. 10% of the amount in dispute has to paid before filing appeal. This is common for both CGST and SGST. However, for SGST, in addition to this 10%, the appellant has to also pay “ in full, such part of the amount of tax, interest, fine, fee and penalty arising from the impugned order, as is admitted by him” Further, if the Commissioner of SGST considers any case to be a “serious case”, the departmental authority can apply to the first Appellate Authority for ordering a higher amount of pre-deposit not exceeding 50% of the amount in dispute.
Q 12. (only for SGST law) What is the meaning of “serious case”?
Ans. It is defined to mean a case involving a disputed tax liability of not less than Rs. 25 Crores and where the Commissioner of SGST is of the opinion (for reasons to be recorded in writing) that the department has a very good case against the taxpayer.
Q 13. Can the Commissioner of SGST revise any order passed under the Act by his subordinates?
Ans. Yes. Section 80(1) of SGST Act authorises Commissioner to call for and examine any order passed by his subordinates and in case he considers the order of the lower authority to be erroneous in so far as it is prejudicial 158 159 to revenue, he can revise the order after giving opportunity of being heard to the noticee.
Q 14. Can the Commissioner of SGST order for staying of operation of any order passed by his subordinates pending such revision?
Ans. Yes.
Q 15. Are there any fetters to the powers of Commissioner under SGST to revise orders ofsubordinates?
Ans. Yes. The Commissioner shall not revise any order if (a) the order has been subject to an appeal under section 79 or under section 82 or under section 87 or under section 88; or (b) more than three years have expired after the passing of the decision or order sought to be revised. For details of these and some other “fetters”, please refer to Section 80 of the MDL.
Q 16. When the Tribunal is having powers to refuse to admit the appeal?
Ans. In cases where the appeal involves – • tax amount or • input tax credit or • the difference in tax or • the difference in input tax credit involved or • amount of fine, 160 161 • amount of fees or • amount of penalty ordered less than Rs. 1,00,000/-, the Tribunal has discretion to refuse to admit such appeal.(Section82(2) of MGL)
Q 17. What is the time limit within which appeal has to be filed before the Tribunal?
Ans. 3 months from the date of receipt of the order appealed against.
Q 18. Can the Tribunal condone delay in filing appeal before it beyond the period of 3 months? If so till what time?
Ans. Yes the Tribunal has powers to condone delay of any period of time beyond the period of 3 months provided sufficient case is shown by the appellant for such delay.
Q 19. What is the time limit for filing memorandum of cross objections before Tribunal?
Ans. 45 days from the date of receipt of appeal.
Q 20. Bring out the differences in appeal (to Tribunal) provisions under CGST & SGST?
Ans;(i) The provisions under Section 82 of SGST Act for appeal by any person aggrieved by the order or decision passed against him by First Appellate Authority are essentially similar to provisions contained in Section 82 of CGST Act and discussions made therein are equally applicable to section 82 of SGST as well. 160 161
(ii) In addition to the above the provision of Section 82 of SGST Act also covers an appeal to be filed to Appellate Tribunal against the revisionary order passed by Commissioner.
(iii) However the provisions relating to appeal by the revenue against the order of first appellate authority as CGST Act is not provided in SGST Act since the revisionary powers (against the orders passed by the FAA, who in the states is likely to be “subordinate” to the Commissioner) is provided to Commissioner to SGST.
(iv) In addition, the person aggrieved under SGST Act has to pre-deposit full deposit of admitted tax, interest, fine, fee and penalty arising from the impugned order.
Q 21. Whether interest becomes payable on refund of pre-deposit amount?
Ans. Yes. As per Section 85 of MGL Where an amount deposited by the appellant under sub-section (6)/(4) of section 79 or under sub-section (10)/(7) of section 82 is required to be refunded consequent to any order of the First Appellate Authority or of the Appellate Tribunal, as the case may be, interest at the rate specified under section 39 shall be payable in respect of such refund from the date of payment of the amount till the date of refund of such amount.
Q 22. An appeal from the order of Tribunal lies to which forum? 162
Ans. High Court if the High Court is satisfied that such an appeal involves a substantial question of law. (Section 87(1)). However, if the order passed by the Tribunal relates to a matter where two or more States, or a State and Centre, have a difference of views regarding the treatment of a transaction(s) being intra-State or inter-State; or a matter where two or more States, or a State and Center, have a difference of views regarding place of supply, then appeal against such order shall lie to the Supreme Court and not High Court.
Q 23. What is the time limit for filing an appeal before the High Court?
Ans. 180 days from the date of receipt of the order appealed against. However, the High Court has the power to condone further delay on sufficient cause being shown
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GSTN Asks Taxpayers to ignore Late Fee while Opting GSTR 3B Reset
Read more at: http://www.taxscan.in/gstn-asks-taxpayers-ignore-late-fee-opting-gstr-3b-reset/14926/
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Govt to Use GST Data to crack Income Tax Evaders
Read more at: http://www.taxscan.in/govt-use-gst-data-crack-income-tax-evaders/14911/
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Asking Flat Buyers to pay Higher Tax Post-GST Rollout is Illegal: CBEC Deputy Commissioner Warns Builders
Read more at: http://www.taxscan.in/asking-flat-buyers-pay-higher-tax-post-gst-rollout-illegal-cbec-deputy-commissioner-warns-builders/14916/
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Exemption Granted under a Scheme to Encourage Industrialization cannot be Equated with Refund of Tax: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/exemption-granted-scheme-encourage-industrialization-cannot-equated-refund-tax-delhi-hc/14919/
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*Overview of applicability of GST on Exports & Supplies made to a SEZ unit*_
1. As per Clause (b) of Sub-section (5) of section 7 of IGST Act 2017: supply of goods or services or both to or by a SEZ developer or SEZ unit shall be treated as if such supply is in the nature of inter-state supply.
2. Further Section 16 of IGST ACT states that:
(1) 'zero rated supply' means any of the following supplies of goods or services or both, namely:-
(a) export of goods or services or both; or
(b) supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit.
(2) Subject to the provisions of sub-section (5) of section 17 of the CGST Act, credit of input tax may be availed for making zero-rated supplies, notwithstanding that such supply may be an exempt supply.
(3) A registered person making zero rated supply shall be eligible to claim refund under either of the following options, namely:-
(a) he may supply goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilized input tax credit; or
(b) he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or both supplied, in accordance with the provisions of section 54 of the Central CGST Act or the rules made thereunder.
Therefore, Supplies made to a SEZ unit and exports are considered as 'Zero-rated Supply'. Accordingly, Section 16(3) provides for three options to suppliers making zero rated supplies:
Supply with payment of IGST;Supply under a bond;Supply under a Letter of Undertaking.
3. Now, let us take a look of various intricacies involved in above options:
*i. Supply with payment of IGST* : Under this option person making supply to SEZ will charge IGST at applicable rate. The invoice shall carry an endorsement 'SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX' (as specified in RULE 46 of CGST Rules). The IGST charged in the invoice need not be collected from customer (Since this being a zero rated supply), instead Supplier need to pay the IGST amount by utilizing ITC and thereafter obtaining refund of same. This mode is recommended where excess ITC is available.
For procedure of refund of IGST Paid refer Sec. 54 of CGST Act & Rule 89(4) of CGST Rules.
*ii. Supply under BOND* : Under this option Supplier need to execute an Indemnity Bond in Specified format RFD-11 on non-judicial stamp paper. Additionally, a Bank Guarantee (not exceeding 15% of Bond amount) is also required to be furnished along with the Bond. Bond once executed will be valid for a period of 12 months. The said form is to be filed manually (online facility not available) to the Jurisdictional Deputy/Assistant Commissioner. This mode is recommended where Surplus ITC is not available. The supplier will be able to claim refund of ITC on inputs and input services used in zero rated supplies (not for zero rated supplies of domestic turnover).
Also the invoice shall contain the endorsement 'SUPPLY MEANT FOR EXPORT UNDER BOND WITHOUT PAYMENT OF INTEGRATED TAX.'
*iii. Supply under Letter of Undertaking:Just* like Bond LUT will also be accepted by Jurisdictional Deputy/Assistant Commissioner. No Bank Guarantee is required in this case. The same need to be furnished in form RFD-11 in manual mode. This mode is recommended where Surplus ITC is not available. The supplier will be able to claim refund of ITC on inputs and input services used in zero rated supplies (not for zero rated supplies of domestic turnover).
The invoice shall contain the endorsement 'SUPPLY MEANT FOR EXPORT UNDER LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX.'
*4. Notification No. 37/2017- Central Tax dated 4th October 2017* has been issued in supersession of Notification No. 16/2017- Central Tax dated 7th July 2017. By virtue of this, now all the category of persons can furnish Letter of Undertaking as an alternative to furnishing Bond and Bank Guarantee. Notification No. 16/2017 had restricted the facility of LUT to limited category of persons. This has now been done away with.
*5. Notification No. 48/2017- Central Tax & 49/2017- Central Tax dated 18th October 2017* specifies certain category of supplies as 'deemed export' and documents required to be produced by supplier of deemed export supplies for claiming refund respectively.
Further, recently, GSTN has enabled additional feature on GST portal wherein to claim refund of IGST exporters need to file TABLE 6A of form GSTR-1. This will enable the exporters to get faster refunds from Customs.
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# *GST*: Govt. has initiated procedure for GST refund claims in respect of zero rated supplies.
# *CBDT* has extended Aadhar-PAN linking deadline by 3 months to 31st March, 2018.
# *CBDT* has issued Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961.
# *NCLT* suspends the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets, while allowing the Centre to name 10 nominee directors and paving the way for a government takeover of the floundering property developer.
# *MCA* amends the Companies (Cost records and Audit) Rules, 2014 by inserting in Rule-2, a new clause (fa) "Indian Accounting Standards" means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015 and substituting Form CRA-I & Form CRA-3 w.e.f. 01.04.2016.
# *RBI* has issued a Press release to cautions the general public regarding risk of trading and dealing in virtual currencies including Bitcoins.
# *IT*: Proviso to Section 264 (3) confers a statutory power on the Commissioner to condone the delay. Therefore it was not necessary for the Commissioner to have taken recourse to Section 5 of the Limitation Act, 1963 - EBR Enterprises & Anr Vs Union of India (2017 (12) TMI 425 - Bombay High Court).
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*Important Dates & Deadlines for Aadhar Linking:*
1. PAN: 31st March 2018
2. Insurance Policies: 31st Dec 2017
3. Mutual Funds & Demat A/C: 31st Dec 2017
4. Post Office Schemes: 31st Dec 2017
5. Home Loan A/c: 31st Dec 2017
6. Mobile No.: 6th Feb 2018
7. Govt. Welfare Schemes: 31st March 2018
8. Bank A/C: 31st March 2018
*Govt. of India*
*Press release*