GST Tip – 366

As per Notification No. 48/2017-Central Tax  deemed exports concept is introduced in GST and the following are classified as deemed exports

  • Supply of goods by a registered person against Advance Authorisation
  • Supply of capital goods by a registered person against Export Promotion Capital Goods Authorisation
  • Supply of gold by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorisation
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The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out.

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley today participated in an Interactive Seminar organised by FICCI on “India Opportunity”. The Finance Minister spoke on the bold reforms carried-out in India which now have created impressive opportunities in Infrastructure assets resolution under Insolvency and Bankruptcy Code (IBC) process and in financial sector. The Finance Minister stated that the Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms and there is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out. The implementation of the GST from July 1, 2017 and its gradual complete transition, follow-up to demonetisation, and enacting other structural reforms by the Government of India would take the economy towards higher growth trajectory. Further, he stated that FDI flows to India have increased in 2016-17 over 2015-16, indicating improved global confidence in the Indian economy. He also spoke about the interface between the global and the Indian economy; national investments and the Infrastructure Fund; and reform initiatives of the Government of India, especially to improve Ease of Doing Business.

The Finance Minister, Shri Arun Jiatley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg and other officials.

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DSM/KA
(Release ID :171673)

The Finance Minister, Shri Arun Jaitley: Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms;There is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out.

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley today participated in an Interactive Seminar organised by FICCI on “India Opportunity”. The Finance Minister spoke on the bold reforms carried-out in India which now have created impressive opportunities in Infrastructure assets resolution under Insolvency and Bankruptcy Code (IBC) process and in financial sector. The Finance Minister stated that the Indian economy is poised for strong, sustainable and balanced growth backed by the Government of India’s strong focus on implementing structural reforms and there is clear evidence now that slowdown effect of demonetisation and GST has now more or less played it out. The implementation of the GST from July 1, 2017 and its gradual complete transition, follow-up to demonetisation, and enacting other structural reforms by the Government of India would take the economy towards higher growth trajectory. Further, he stated that FDI flows to India have increased in 2016-17 over 2015-16, indicating improved global confidence in the Indian economy. He also spoke about the interface between the global and the Indian economy; national investments and the Infrastructure Fund; and reform initiatives of the Government of India, especially to improve Ease of Doing Business.

The Finance Minister, Shri Arun Jiatley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Shri Subhash Chandra Garg and other officials.

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DSM/KA
(Release ID :171673)

GST Tip – 363

As per Notification No.   45/2017 – Central Tax, details related to  Inward supplies received from a registered supplier (other than supplies attracting reverse charge) are not required to be reported in Section 4A of the GSTR – 4 for July 2017 to September 2017 and October 2017 to December,2017quarters.

Synopsis of GST Notifications 

During the 22nd GST Council Meeting, many decisions have been taken to make the GST System simpler and more user-friendly. Some of the key decisions taken are like differing reverse charge till the end of April 2018, change in the reporting requirements for GST Taxpayers up to a turnover of Rs 1.5 Crs and increase in threshold limit for GST taxpayers from Rs 75 Lacs to Rs 100 Lacs.  To make them effective, a series of notifications have been issued by the department on 13th Oct 2017 and the synopsis is given here for ease of understanding.

 

GST Tip – 360

The proper officer will prepare a list of the movable and immovable property of the defaulter along with estimating the value of the property basis of the market value and issue the same in FORM GST DRC – 16.