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GST Fortnightly News Bulletin, Volume I, Issue X (November 20- December 3)
CBEC prescribed the procedure for manual disbursal of budgetary support under Goods and Service Tax regime for units availing area based exemption vide Circular No. 1060/9/2017-CX dated November 27, 2017. The amount of such budgetary scheme would be determined in terms para 5 of the scheme i.e (i) 58% of the CGST paid through debit in the cash ledger account (ii) 29% of the IGST paid through debit cash ledger. The eligible unit is required to register and file an application for payment of budgetary support. 
Author : BSA Taxation Team
Date : December 4, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue IX (November 6-19)
Govt. vide Notification No. 66/2017-Central Tax dated November 15, 2017 has exempted GST on advance payment received for the supply of goods. The Notification provided that the registered person who has not opted for composition levy under Section 10 of the CGST Act, shall pay tax as per Clause (a) of SubSection (2) of Section 12, which provides that the time of supply for goods shall be the date of issue of invoice, which would mean that GST liability would arise only at the time of raising the invoice and not when the advance payment is received.


Author : BSA Taxation Team
Date : November 20, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VIII (October 23 - November 5)
Govt. vide Order No. 08/2017 & 07/2017 dated October 28, 2017, has extended the deadline for submitting Tran-1 till November 30, 2017. Government vide Notification No. 40/2017-Central Tax and parallel notifications for IGST and UTGST, has prescribed 0.1% GST rate on the goods which are supplied for exports.
Author : BSA Taxation Team
Date : November 6, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VII (October 2 - 22)
Government vide Notification No. 38/2017-Central Tax and parallel notifications for IGST and UTGST, has suspended payment of tax on reverse charge mechanism on the supply from the unregistered person till March 31.
Author : BSA Taxation Team
Date : October 22, 2017
 
 
GST Fortnightly News Bulletin, Volume I, Issue VI (September 18 - October 1)
Central Government vide order no. 3/2017 dated has extended the time limit to declare CENVAT credit balance in Tran- 1 to October 31, 2017. Delhi HC in DBS bank case has admitted the writ petition on IGST levy on services provided to overseas Head Office.


Author : BSA Taxation Team
Date : October 2, 2017
 
 
 
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