Page 4 - Igst

IGST on ocean freight is not permissible under law: Gujarat High Court

Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.

Budget wishlist: Exporters seek clarity on slow tax refunds, key schemes

Exporters also hope the Budget will clear the confusion around the old MEIS, which has been discontinued by the government as well as the uncertainty over the awaited RoDTEP scheme

Over 1,200 exporters untraceable; govt saves Rs 350 cr fake IGST refund

Central Board of Indirect Taxes and Customs has obligated customs brokers under their licensing conditions to independently verifying the KYC of exporters

Checking fraud in revenue leakage

One measure being considered is to link foreign exchange remittances with refund of IGST for risky and new exporters, apparently to curb fraudulent IGST refund claims

Dealing with GST fraud

Balance between ease of doing business and compliance is tricky

IGST refunds worth Rs 1.12 trillion paid to exporters, Rs 3,604 cr pending

In addition, adverse verification reports have been received in the case of 399 exporters, which also include 4 'star exporters'

Drawback brand rates can be fixed on basis of averages, says expert

As per Para 4.43 of FTP, "Goods imported against Advance Authorisation Scheme, which are found defective or unfit for use, may be re-exported, as per Department of Revenue guidelines

Delhi HC issues notices to exporters over non-payment of IGST on imports

Under the GST regime, the exemption was not clearly mentioned till October 13, 2017. During the period, exporters were not allowed to clear their goods unless they pay IGST

'Under FCA, CIP, CPT, seller must provide proof of cargo delivery to buyer'

In FCA/CIP/CPT, the seller is only required to provide proof that he has delivered the cargo to the buyer

Ocean freight IGST: Importers move Delhi and Mumbai high courts

When the basic customs duty and IGST are already paid on the CIF value, argue the petitioners, why should there be another tax on the ocean freight element

Two years of GST: How the states are doing

There are some common trends observed among states with a large shortfall

Criteria for identifying risky exporters not made clear by CBIC: Expert

A subsequent Circular, says that only a miniscule percentage of export consignments are being selected for examination on account of risk associated with fraudulent availment of IGST refunds

Huge relief for exporters as govt exempts exhibition jewellery from 3% IGST

About 25% of the country's annual gems and jewellery exports which come back unsold would benefit from this IGST exemption

States' GST revenue takes bigger hit than Centre's in April-June

This happened largely because of slowing growth in the economy and the settlement of a higher proportion of IGST towards the Centre than the states in particular

Delhi and Puducherry lock horns with Centre over IGST distribution

Delhi and Puducherry have for long been battling with the Centre for full statehood

Bombay HC agrees to hear importers plea challenging IGST on ocean freight

In similar case, last month Gujarat HC stayed imposition on IGST on ocean freight

IGST credit accrued in FY18 won't lapse even if not availed, assures FinMin

The ministry also advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data

Why Integrated GST still remains a grey area under goods and services tax

This part of the new tax has not still been fully resolved, and many states do not even know how it is being shared between them and the Centre

SC turns down petition by govt against IGST exemption to exporters

In advance authorisation licence is issued to allow duty-free import of inputs, which are physically incorporated in export products

Public interest and pre-import clauses

IGST on imported goods is levied and collected in accordance with Section 3(7) of the Customs Tariff Act, 1975