Merchant exports under GST involve purchasing goods from domestic suppliers and exporting them, benefiting from zero-rated supplies. Exporters can choose to pay minimal upfront tax or claim a refund later, depending on their preference.

The Letter of Undertaking (LUT) is a vital document for exporters in India's GST regime, assuring compliance with GST regulations for exports. Eligible taxpayers can file Form GST RFD-11 electronically on the GST portal before making zero-rated supplies. Advantages include improved cash flow, simplified export procedures, and a competitive edge in the international market. LUT is not mandatory for all exporters, but failure to fulfill obligations can lead to recovery of IGST, interest, and penalties. LUT can be revised within the financial year if needed.

EOUs (Export Oriented Units) are industrial entities focusing on exporting their entire production, promoting exports, attracting investment, generating employment, and fostering industrial and regional development. EOUs can import second-hand goods without age limits, and under GST, they can claim refunds for IGST on deemed exports and unutilized ITC on zero-rated supplies.

The Input Tax Credit (ITC) mechanism under India's Goods and Services Tax (GST) regime allows businesses to offset the GST paid on purchases against the GST payable on their sales, effectively reducing their overall tax liability. However, strict conditions govern claiming ITC, ensuring proper tax compliance and revenue protection.

A step-by-step guide to help you get an Importer Exporter Code(IEC). The process to obtain this is explained in this.

Penalties and offenses under India's GST system are vital for ensuring tax compliance. While penalties for minor infractions are moderate, recent updates have increased penalties for fraudulent activities. However, concerns persist regarding the transparency of penalty imposition procedures. Nonetheless, businesses must prioritize compliance to avoid unnecessary costs and legal troubles.

The Goods and Services Tax (GST) regime in India, implemented in 2017, brought about a significant transformation in the indirect tax landscape. While streamlining tax administration, it also introduced complexities leading to potential disputes between taxpayers and authorities. This guide delves into the intricacies of GST litigation, equipping taxpayers with knowledge and strategies to navigate legal challenges effectively.

This article provides insights into rectification procedures under the CGST Act, allowing taxpayers to rectify errors before escalating to higher authorities.

Cross charge is a term which is not elsewhere classified under the provisions of CGST Act, 2017 which simply means distribution of Input Tax Credit (hereinafter referred as ‘ITC’) from a distinct person (registered under the CGST or relevant SGST Act having same PAN).

Union Finance Minister Nirmala Sitharaman is delivering the Interim Budget in anticipation of the 2024 Lok Sabha elections, marking the final budget of Prime Minister Narendra Modi's second term.

An Advance Ruling, as defined under the Central Goods and Services Tax Act (CGST Act), 2017, is a decision provided by the designated authorities on various tax-related matters or questions concerning the supply of goods or services. Essentially,

For Indian businesses venturing into the global market, understanding the Goods and Services Tax (GST) Export Refund process is crucial to optimize cash flow and competitiveness.