GST

Made Effective from 1st January, 2021 The rule only applies to utilization of ITC and not availment of ITC. Applicability: Registered persons having taxable value of supply more than Rs. 50 Lakh in a month. Restrictions Imposed: The applicable registered persons cannot use ITC in excess of 99% of the output tax liability. Thus, it means that minimum 1% of …

Rule 86 B Under GST: Restrictions on use of Amount Available in Electronic Credit Ledger Read More »

Service Exports from India Scheme (SEIS) Scheme To encourage foreign trade and export in India the Ministry of Commerce through the Directorate General of Foreign Trade (DGFT) is offering incentive under Service Exporters from India. The scheme aims to promote export services from India. The incentive is offered in from of Duty Credit Scrips. There are four …

Incentive Scheme for Foreign Traders and Exporters in India Read More »

“One nation, one tax!” The Goods and Services Tax is an indirect tax applicable in India, it will make India a unified and common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. It will be levied at every stage of the production / …

GST and Food Industry Read More »