GENSERVE

Because consideration is received in foreign currency, our Government has always focused on making industry friendly policies when it comes to exports. Zero-rated supply - Supplies which specified in section 16 of IGST Act are called Zero rated supply. It is one where exemption is issued under section 6 of IGST Act. As per Section 2(5) of the IGST Act Export means taking goods out of India to a place outside India. It is treated as inter-state supply in accordance with section 7(5)(a) of IGST act. As per Section 16 of the IGST Act, following are treated as zero-rated supplies: 1.      Export of goods or services or both 2.      Supply of goods or services to Special Economic Zone developer or a Special Economic Zone unit. Nil Rated or subject to 0% tax is not Zero Rated supply. Section 16(3) provides options to neutralize the incidence of GST on exports:- ·         Rebate Option ·      ...

  Updated information for GST Section 80EEB- Deduction in respect of Interest paid on loan taken for the purchase of electric vehicle. ü Applicable from AY 2020-21 ü An Individual Can Claim the deduction up to Rs 1.50.000 for interest payment on  vehicle loan which is taken  for purchase of electric vehicle either for personal or business use. ü Loan must be taken from FI or NBFCs , and loan must be sanctioned between 01April 2019 to 31 st March 2023. ü This Section introduced for the promotion of use of electric vehicle. #GST Update-01 CBIC has lifted time bar for claiming refund for the unutilized amount lying in ECL, Currently, assesses cannot take the refunds of this  money  after two years. the CBIC has issued a clarification that the limitation period of two years will not be applicable for refund of excess balance lying in ECL. #GST Update-02 Finance Minister has notified uniform 12% GST Rate for Fabrics Apparel, & Footwear to c...