Extension of IGST & Compensation Cess exemption under Export promotion Scheme

Extension of IGST & Compensation Cess exemption under Export promotion Scheme Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till June 30,…

GST on residential, commercial and religious property

GST on residential, commercial and religious property GST law clearly includes renting out of the immovable property within the ambit of supply of services and therefore, GST is payable on the same. The present article clarifies GST applicability on rental…

Applicability of GST on Priority Sector Lending Certificate

Applicability of GST on Priority Sector Lending Certificate Priority Sector Lending Certificate is a tradable certificate which is issued against the priority sector loans of the banks. Priority Sector Lending Certificate is a tool for promoting comparative advantages amongst the banks…

Utilization of Input Tax Credit

Utilization of Input Tax Credit  The Central Goods and Service Tax (Amendment) Act, 2018 has been made effective from 1st February 2019 and the said amendment has resulted into various changes in the utilization of input tax credit and the same…

IGST – Integrated Tax under GST

IGST - Integrated Tax under GST India’s GST is levied in three forms, namely Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST) and Integrated Goods and Services Tax (IGST). While CGST and SGST are levied on…

IGST on Imports – Calculation Methodology

IGST on Imports - Calculation Methodology The formalities for import and export would change once GST is implemented in India on 1st July 2017. Under GST, certain types of duties and taxes like Basic Customs duty, Education Cess, Anti-dumping duty, Safeguard…

IGST Exemption List

IGST Exemption List The GST Council on 18th and 19th May 2017 regulated the IGST exemption list. The Integrated Goods and Service Tax under GST replaces CVD, SAD, CESS etc. The GST Council provisioned IGST as fully refundable. In this…

Guide to CGST, SGST and IGST

Guide to CGST, SGST and IGST CGST, SGST, and IGST apply to the interstate and intra-state supply of goods and services. GST acts as a destination tax. Hence, the tax base shifts from origin to consumption. The imports or end-use…