Zero-rated supplies under GST are taxed at 0%, applying mainly to exports and supplies to SEZs. Unlike exempt supplies, businesses can claim input tax credit (ITC) on purchases related to zero-rated supplies. This guide explains key aspects of zero-rated supplies and how businesses can benefit from GST refunds while staying compliant.

Rule 86B of GST restricts businesses with large taxable supplies from using more than 99% of their ITC to pay output tax, requiring at least 1% to be paid in cash. While this aims to prevent tax fraud, it may impact cash flow and working capital for larger businesses. Proper tax planning and understanding of exceptions are key to maintaining compliance and financial efficiency under this rule.

This article explores how GST data analysis plays a crucial role in India, impacting businesses, compliance, and governance. It also looks into the technological advancements. that are making this possible, along with the challenges and opportunities presented by this vast data set. Moreover, we examine how this data is shaping India's economic future.

ICEGATE, a web-based portal developed by the Indian Customs and Central Excise Department, plays a vital role in simplifying this process. It provides real-time tracking of import and export shipments, helping businesses streamline their operations and ensure compliance with customs regulations. In this guide, we will walk you through how ICEGATE tracking works, the key information it offers, its benefits, and tips for optimizing its use.

This article covers how GST has impacted the export sector, allowing firms to manage their tax procedures more efficiently and lessen initial taxation through means such as Letter of Undertaking (LUT) and IGST refunds. In India, GST has helped simplify tax compliance thereby making exportation less expensive and more efficient for companies. After reading this article you will be able to understand that there are significant effects of GST mechanisms such as LUT and IGST refunds on your export activities thus improving your business’ financial stability.

In the Indian Ministry of Finance, the Central Board of Indirect Taxes and Customs (CBIC) assumes a pivotal position as far as managing and regulating the indirect taxation system of the country is concerned. Originating from the colonial India era, today it plays a crucial role in administering indirect taxes like goods and services tax (GST), customs duties, and excise duties. This article explores its history, functions, institutional structure, roles, and major reforms.

GSTR 1 is a monthly or quarterly GST return that details a business's sales and services. It's crucial for accuracy and compliance. Not all businesses need to file, including composition scheme taxpayers, foreign entities, and those with specialized GST numbers. In this article, we break down everything you need to know about GSTR 1, from how to file it, to understanding its format, and staying on top of important deadlines.

Understanding GST rates is important for both businesses and consumers in India. When the GST Council changes these rates, it affects different industries, trade groups, and everyone who buys goods or services. This can lead people and businesses to reassess their financial situations. In this article, you'll learn what GST rates are and find the most recent updates on GST rates in India for 2024.

GST Cess is an additional tax levied by Indian government to enable states cope up with any financial setbacks due to new GST regime. This tax applies to both goods and services sold within a state as well those traded across the state borders. The primary aim of GST Cess is ensuring states do not suffer from loss due changes occasioned by introduction of GST. This article will clarify on where GST Cess is applied, its cost and how it is arrived at.

Export without payment of tax refers to the process where goods are exported from one country to another without the exporter having to pay domestic taxes on the goods being shipped. In this blog we have covered the IGST refund implications in case of export without payment of tax.

Export with payment of IGST (Integrated Goods and Services Tax) refers to the process where an exporter exports goods outside India after paying IGST on the exported goods. When exporting with payment of IGST, the exporter initially pays IGST on the goods or services being exported. Subsequently, the exporter gets the refund of the said amount once he files his GST Returns.

Section 54 of the CGST Act 2017 is designed for refunds to exporters, SEZ suppliers, sellers on e-commerce platforms etc. Refunds can be claimed for taxes paid on exportation of goods or services, zero rated supplies, presumed exports and unused input tax credits (ITC) in exporting under LUT. .Explore the tax refund process under GST's Section 54 of the CGST Act, covering eligibility, application procedure, and time limits.