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Is GST payable on export services?
GST on Exports: How Will It Be Levied?The export of goods or services is considered as a zero-rated supply. GST will not be levied on export of any kind of goods or services.A duty drawback was provided under the previous laws for the tax paid on inputs for the export of exempted goods. Claiming the duty drawback was a cumbersome process. Under GST, the duty drawback would only be available for the customs duty paid on imported inputs or central excise paid on certain petroleum or tobacco products used as inputs or fuel for captive power generation.There was some confusion surrounding the refund of the tax paid by exporters on the inputs.A guidance note relating to the above issue was released by the Indian government which has helped in clearing doubts regarding the claim of input tax credit on zero-rated exports. An exporter dealing in zero-rated goods under GST can claim a refund for zero-rated supplies as per the following options:Option 1: Supply goods or services, or both, under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax, and then claim a refund of unutilised input tax credit.The exporter needs to file an application for refund on the common portal either directly or through the facilitation ccenternotified by the GST commissioner. An export manifest or report has to be filed under the Customs Act prior to filing an application for refund.Option 2: Any exporter or United Nations or Embassy or other agencies/bodies as specified in section 55 who supplies goods or services, or both, after fulfilling certain conditions, safeguards and procedures as may be prescribed; and paying the IGST, can claim refund of such tax paid on the supplied goods or services, or both. The applicant has to apply for the refund as per the conditions specified under section 54 of the CGST Act.An exporter is required to file a shipping bill for the goods being exported out of India. In this case, the shipping bill is considered as a deemed application for refund for the IGST paid. It would be deemed to have been filed only when the person in charge of the shipment files the export manifest or report, mentioning the number and date of the shipping bills.Electronic as well as manual shipping bill formats are amended by the department to include GSTIN and IGST. The modified forms are available on the official department website. The Department is also in the process of relaxing the factory stuffing procedure and necessary permissions, to give a boost to the Indian export industry under GST.Deemed ExportsThe supply of goods or services to the following would be treated as exports under GSTSupply made to a SEZ unit/ SEZ developerSupply made to an Export oriented undertaking (EOU)Filing of returns under GST for the deemed export is to be done as per the general procedures provided for export under GST.Documents Required for Claiming Refund on ExportsHere is a list of documents required for claiming refund –1. Copy of return evidencing payment of duty2. Copy of invoice3. Document proving that the burden of paying tax has not been passed on (CA certification or self-certification).4. Any other document required by the government.ConclusionWith GST in place, the export industry in India would be able to have internationally competitive prices due to the smooth process of claiming input tax credit and the availability of input tax credit on services.Any question regarding this matter, visit us at Wazzeer - Smart Platform for Legal, Accounting & Compliance services.Also read:https://www.wazzeer.com/blog/gst...Service Tax Registration Process - How to get it done? - Wazzeer Blog
What documents needed to start export business of medicines from India?
To start a any import or export business you need following documentsCommercial Documents:Commercial InvoiceBill of Lading (B/L)Bill of Exchange (B/E)Air WaybillLetter of CreditRegulatory DocumentsLegal Documents for export FromShipping BillMarine Insurance PolicyExport Assistance DocumentsRegistration Application FormDuty drawbackDocuments for Importing CountryConsular InvoiceCertificate of OriginCustoms InvoiceCertified InvoiceYou can read List of Documentation Needed In Export Business at Exportersindia’s official blog.
What is the process to supply drugs in the USA?
I can give you a broad idea of what needs to be done.First up, you will have to get an IEC (Importer Exporter Code) by registering yourself with the Director General of Foreign Trade (DGFT) under the Ministry of Commerce. Please find the requisite details in the link provided below.All about IEC code numberAlso, it is mandatory to join the Pharmaceutical Export Council of India(Pharmexcil). The membership fee ranges from Rs.12022 - Rs. 36000 per year depending on your scale of operations. Find the application form below:Page on pharmexcil.comPharmexcil can assist in a variety of ways. Any information regarding duty drawback schemes for manufacturers, trade fairs, certificate of origin assistance, legal advice can be obtained readily from them. They will also keep you notified regarding any changes in trade policy, export regulations, requirements etc.http://www.PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA/Next since drugs are heavily regulated, you will have to ensure that they comply with DGFT regulations. The following link is a non exhaustive set of such regulationsPage on dgft.gov.inApart from complying with Indian export regulations, you must ensure that your product complies with all FDA regulations. (In general, a U.S. Importer will anyway demand this and proof of the same can be obtained by a certificate from an FDA approved lab). The FDA has two offices in India (New Delhi & Mumbai) which may be contacted for further info.I would also recommend that before commencing exporting, you sign up for credit insurance cover with the ECGC(Export Credit Guarantee Corporation). Their premium rates are the lowest around and their primary aim is to incentivize small & medium exporters by covering their risk.The nitty gritty details of arranging a shipment, hiring C&F agents, ensuring logistics compliance, documentation etc. can be further explored in conjunction with Pharmexcil.
How will the GST affect the garment and textile sector?
In ICRA's view, a 12% (lower rate) recommended by the Dr. Arvind Subramanian Committee is likely to have a negative impact on the textile sector, especially the cotton value chain, which is currently attracting zero central excise duty (under optional route); unlike the man-made fibre sector, where the fibre attracts excise duty at the manufacturing stage (unlike cotton). Hence there is an incentive for the downstream players in manmade sector to avail the Input Credit Tax (ITC).ICRA points out that the most of the cotton based textile players in the value chain operate through the optional route, thereby resulting in lower duties. The key reasons for the same are exemption on cotton and hence the lower ITC for cotton spinning mills; as a result the cotton yarn manufacturers opt for the optional duty route without claiming ITC and pay zero excise duty.Mr. Anil Gupta, VP, Corporate Sector Ratings, ICRA Ltd said, "With an optional duty structure at the cotton yarn stage itself, the downstream sectors, i.e. weaving, processing and garments also operate under the optional route. This is reflected in the less than 1% effective excise duty rate applicable to ~480 spinning and weaving companies rated by ICRA, which accounted for ~Rs 57000 crore revenue during FY2015."On the positive side, under GST, textile players which are oriented towards domestic markets will be able to ITC on domestic capital goods (but not the import duty) as their sales will be subject to GST. Accordingly, this will reduce the cost of capital investments and hence will be positive for the players operating in domestic markets."With GST on textile, the textile value chain will become more organised as it will make GST non-compliant suppliersuncompetitive vis a vis GST-compliant suppliers, as the buyers won't be able to take ITC," he adds."Due to the reduced tax advantage of cotton yarn vis a vis man-made yarn, there can be a gradual shift in the domestic textile industry, which currently operates with a fibre mix of cotton: manmade of 60:40; as against a global average of cotton: manmade of 40:60. However, the above impact will be dependent on the final rates which will be applicable to the sector," he reiterated.The exports will be zero rated under the GST as there will be transparency and availability of full ITC for exporters which is currently being provided by duty drawback schemes. Accordingly the duty-drawback will lose its relevance under GST; however sectors where the drawback rates are higher than actual indirect taxes on inputs may face profitability pressures, an ICRA assessment states.Textile industries play a very important role in the development of the Indian economy with respect to GDP, Export promotion, employment, etc. It is the one of the oldest manufacturing industry in India. It is the second largest industry after agriculture which provide skilled and unskilled employment. In this sector, 100% FDI is allowed by the Government under the Automatic Route. Textile Industry contributes more than 10% in Total Export. Textile Industry is divided into Two Segment, firstly Unorganized and Secondly Organized. Unorganized sector consists of Handloom, handicraft, small and medium-scale mills and Organized Sector consist of spinning, apparel and garments segment which apply modern machinery and techniques.Mainly Two types of Indirect Taxes are Central Excise Duties and Service Tax. Service is not levied on Textile since it comes under Goods.Under current taxation system, textile products are mostly exempted or are taxed at very low rate. State Governments have stop levying Sales Tax after the discontinuation of Additional Excise Duty.Some Pertinent Issue in Current Taxation Under Textile IndustryInput Tax Credit Breakup: The textiles industry comprises of both regular and composition taxpayers. Most of the industry are being in Composition Segment. Numerous transactions in the textiles industry flow from the unorganized to the organized sector and vice versa. Where Regular/Registered Taxpayer purchase goods from composition Taxpayers, they are not eligible for Input Tax Credit, thus breaking the Cenvat Credit chain. Input Tax credit paid on the previous transaction is included in the cost of the product making the product costly.Small Business Compliance Cost: composition scheme Taxpayer is hesitant to join Credit chain as it increases the compliance cost of engaging professional to meet their Tax obligation.All Other Taxes to be Included in GST: Supply chain of Textile Industry is loaded with input and output across state boundaries to reach the ultimate consumer. Octroi and Entry Tax are the bottlenecks, credit of which are not allowable, thus form the part of the cost. Subsume of octroi, entry tax, entertainment tax, luxury tax, etc. into GST will remove the cascading effect at the distribution stage.GST ImplicationAfter the application of GST, there will be an increase in the effective tax rate to have a negative impact on the textile sector as compared to current taxation.As CGST and SGST rates are likely to be higher than the current textile sector rate, this will result in the higher revenue to the Central and State Government and Textile Prices will increase. Services are used in Input, this effect would be nullified as all input tax will be rebatedIn the current taxation, taxes are being paid on input are being added to cost as the finished product are exempt from Taxes. In GST, Textile Output will be taxed and Input Tax will be rebate whether in the case of export or for domestic use making taxation transparentTaxes paid on purchase and installation of capital asset and equipment can be claimed as Cenvat credit. This will lead to up-gradation and expansion of the Textile Industries with latest Improve technologies.Compliance cost will be improved and reducedFiscal barriers will be removed with the movement of Textile Input and output taxes from one states to anotherUnder GST, All Fiber will be treated in same way. No discrimination between cotton fiber and man-made fiber is there till now in the defined GST StructureSummaryOverall GST will necessarily change the current structure of Textile Industries. GST will result in transparency, the tax burden will shift to the ultimate consumer by claim the credit of taxes paid on input. Still, GST rate is to be determined, it may lead to the higher tax burden on textile units. But the impact on demand will be less or neutral. It will encourage widespread development and growth in Indian Textile sector. The future for the textile industry looks promising, buoyed by both strong domestic consumption as well as export demand.
How do I export medicine from India to other Arab and Asian countries? What is the procedure?
Medicine are used for human use. You need to get register your product with medical council of targeted country. You need to submit complete details about effects, side effects, bio availability, raw material used and manufacturing sites for that medicine. once they have approved, you can start export to that particular country.For detailed process about china export visit: How To export Medicines from India to ChinaRegardsDevendra
What export benefits is given/can be claimed by an exporting company(which deals in export of granite, ledgestones, marble and quartzite) in India?
The government of India encourages exports and a lot of incentives are offered to them. However your question is too generic for that purpose. For instance in order to understand what benefits you can avail, it is essential to know if the goods in question are: domestically procured or imported, processed finished goods or unprocessed raw materials. Yet I will nonetheless try to cover all the points associated with the exemptions/ benefits offered to an exporter in India, hopefully that will help answer your question at some point.To begin with the various incentives/exemptions available to the exporters are as follows:1. Sales Tax/ VAT Exemption:VAT at zero rate and full credit of input tax is available to a dealer directly selling to an exporter provided the same goods are actually exported. For that the exporter needs to provide the following documents as evidence of goods exported:(i)      Copy of export contract or order from a foreign buyer.(ii)    Copy of customs clearance certificate(iii)  Copy of commercial invoice issued to the foreign buyer(iv)  Copy of Bill of Lading/Air-Way Bill(v)    Proof of Payment from the foreign purchaser or letter of credit.The exporter can make use of ‘H Forms• supplied by the CST (Central Sales Tax) authorities that are being continued even now in the VAT regime. The application has to be supported by the following documents:             (i)    Copy of Customs Certified Shipping Bill             (ii)   Copy of Customs Certified Invoice             (iii)  Copy of Letter of Credit             (iv)  Copy of Confirmed Export OrderOr the supplier can submit the following documents with his VAT return to justify zero rating of his particular sale to the exporter.               (i)  Purchase order from exporter               (ii) Form H               (iii) Copy of Bill of Lading/Air-way Bill 2.  Excise Exemption:The liability of the payment of excise duty rests with the manufacturer. In case your goods are processed and finished goods (like cute and polished marble or granite ready to be sold in the market) then they will be subject to excise duty. However on the other hand the uncut and unpolished raw materials do not suffer excise duty. So the exporters of finished or semi • finished goods can avail excise clearance in the following ways:Export under claim of Excise Rebate • The following documents are required for filing the claim of Excise Rebate:          (i)  Application in the prescribed form.          (ii) Duplicate copy of ARE • I/ARE • III in sealed cover received from Customs Officer          (iii)   Duly attested copy of Bill of Lading          (iv) Duly attested copy of Shipping Bill (export promotion copy)          (v) Original copy of ARE • I/ARE • III duly endorsed by Customs Officer certifying the exports of the consignment.          (vi) Disclaimer certificate in case where the claimant is other than the exporter.Export under Bond • Under Rule 19 of Central Excise Rules, an exporter is permitted to remove excisable goods for export without payment of excise duty by executing a bond (legal undertaking) in favour of the excise authorities for the amount of the excise duty payable.3.      Duty Drawback (DBK):The Duty Drawback refers to the refund in respect of Central Excise and Customs Duties paid in respect of raw materials and other inputs used in the manufacture of the product, prior to export. In this case if the raw materials were imported and cut or polished or even if domestically procured and polished and cut thereafter, then the customs and the excise duties leviable on them shall be refunded. The input here will also include the machineries and plants which are used to cut or polish these materials intended for export. That is to say, that the amount of duty paid the machineries is also liable to be refunded. The rates of the Drawback Duties are of two kinds: (i) All Industry Rates (ii) Brand/Special Brand Rates.   4.      Income Tax Concessions:Under Section 10A of the Income Tax Act, 1961 if any undertaking operates from a Special Economic Zone (SEZ) then that manufacturer/producer is eligible for deduction of export profits. For undertaking commencing operation from the notified Special Economic Zones (SEZs) on or after 1st April 2022. the tax holiday is available for a total period of 7 assessment years, comprising a deduction of 100% export for 5 years followed by deduction of 50% of export profits for subsequent 2 years. 5.      Import Concessions:The Government of India has several schemes in place that allow the exporters to import inputs/ capital goods at concessional rates of import duty. Capital goods refer to the raw materials imported for cutting and polishing. And the inputs include the plants and machineries used for production of the final goods to be imported. The schemes are discussed below:Export Promotion Capital Goods Scheme (EPCG) • Under EPCG scheme, one can import these goods (capital goods) at only 5% customs duty (sometimes zero duty). But it is subject to an export obligation ranging for 6 to 8 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 to 8 years reckoned from authorization issue date.Duty Free Import Authorization Scheme (DFIA) • This scheme allows duty free import of inputs, in addition to import of oil and catalyst which is consumed/ utilised in the process of production of export product. Duty Exemption Passbook Scheme (DEPB) • Under this scheme the exporters are allowed to claim customs duty credit as a specified percentage of FOB value of exports made in freely convertible currency. The objective of DEPB is to neutralise the incidence of customs duty on the import content of the export product. The neutralisation shall be provided by way of grant of duty credit against the export product.    These schemes are designed by the Government of India to encourage export activities. However, the major hurdle lies in realizing them. Unfortunately the exporters in country till today have to approach multiple organizations for seeking sanctions. And each organization prescribes its own exclusive method of documentation as well as procedure from the stage of submission of claim till sanction. The documentation and procedures are diverse with each incentive provided.  Therefore, it is essential that you plan carefully in respect of incentives, even at the time of shipment, though the benefits will be available to you only after the shipment. In the absence of adequate planning, it will upset your fund flow and the total realisation may not be remunerative for effecting exports. Try to draw a suitable plan of action for claiming incentives in a timely manner to avoid delays and cuts in realization connected with multiple and diverse agencies.
Hospital has more input tax credit (GST on a machine purchased for self-use, GST on rent, GST on medicine purchase). The GST to be paid is only on the medicine sold to the patient. Can a hospital claim the excess GST paid?
GST Refund can be claimed in the following cases:Export of goods or services.Supplies to SEZs units and developers.Deemed Exports.Refund of taxes on purchase made by UN or embassies etc.Refund arising on account of judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any court.Refund of accumulated Input Tax Credit on account of inverted duty structure other than Nil rated or fully exempt supplies.Finalization of provisional assessment.Refund of pre-deposit.Excess payment due to mistake.Refunds to International tourists of GST paid on goods in India and carried abroad at the time of their departure from India.Refund on account of issuance of refund vouchers for taxes paid on advances against which, goods or services have not been supplied.Refund of CGST & SGST paid by treating the supply as intra-State supply which is subsequently held as inter-State supply and vice versa.Your case would fall under 6th (bold one).Refund of unutilized input tax credit can be claimed in the following two cases under GST:Unutilized input tax credit on zero-rated goods/services on which no payment of tax was made can be claimed as refund.Accumulation of unutilized ITC due to the higher tax rate on inputs than the output supplies (other than zero-rated/exempted goods)Note: No refund of unutilized ITC would be allowed under the following cases:If the unutilized ITC is for GST paid on goods exported out of India which attract excise duty.If the supplier of goods has availed duty drawback on the excise duty paid or claims the refund on the integrated tax paid on such supply.Any person claiming the refund of the GST tax, or the interest paid should make an application within a period of two years from the relevant date using the Form GST RFD-01 electronically. A registered person may claim the balance available in the electronic cash ledger by filing the return as per the dates mentioned under GST.P.S As per the provision has given above you can claim the excess GST Paid by filing Form GST RFD - 01.Your refund application shall be accompanied by relevant documentary evidence.Disclaimer: This is as per my understanding of the GST Act.Hope it helps you.For more queries contact us at InCFO
If I want to export sweets and namkeen abroad from India, what are the procedures I need to follow?
I would advise you to connect with the supermarket chains in the US, the EU, or in the country in which you want to export your products. I have seen lots of supermarket chains in the EU like Tesco, Lidl, and Aldi have indian snacks on their racks and those are sold very quickly. These supermarket chains will contact you and will take the prodcuts in bulk for all the european countries.You can use a trusted B2B marketing platform for this like BizVibe.BizVIbe is a global B2B marketing paltform which has global companies from across the world looking for Indian and Chinese suppliers. Go on this website, register yourself for free and expand your business.BizVibe.com | Global B2B Marketplace for Suppliers, Buyers, Manufacturers and Importers
Who is the best teacher of CA Final IDT class? Should we go for face to face class or pen drive class?
Nice question. The best teacher for CA - Final IDT is you. Yes Self study.The above answer is applicable if you have minimum 1 year for your attempt.(say Nov 2022 or further) . How to proceed?The subjects in CA final are designed in such a way that after clearing CA you will become a complete product (unfortunately we do not study like that)So without wasting further time here are tips.(but before that If u are still in search of faculty after reading this answer - then go for Tharun Raj - Mt educate if in Chennai - Live , Shiva Teja sir - Hyderabad live, Vivek gaba- Mumbai live , etc . If virtual or pendrive - Sanjay Bangar , Farooq. ) Also recently in YouTube all chapters of Ca final GST are uploaded by one faculty. And many parts of customs law are also available in YouTube for free of cost. Also in ICAI portal u can have access to free videos and podcasts.Self Study tips*Get a clear idea about http://gst.gov.in portal. Analyse each and every thing clearly in that portal. Be thorough with portal. What can I learn from portal? Registration, Returns filings, forms filing , GST payments , GST notifications , GST due dates , GST bare act etcCleary step by step filing of returns is explained in videos along with manual and FAQ in GST portal itself.When you are doing articles , ull have gst clients . So u ll get doubts ..write them down ..call to toll free number of cbic department and gst department .they will clear your doubts to some extent.Get familiar with cbic.com where ull get lots of info about gst - Gst FAQs , gst materials , gst amendments, etcGoods and Services Tax Council is another site u need to get familiar with where gst meetings press releases are made and also ull get flyers of different topics .Newspapers like Hindu , economic times are also recommendedGst background material of ICAI is very nice , so get itICAI study material and Practice manual are there .Reference material would be taxman publication s.http://Ewaybill.gst.gov.in and E-WayBill System are another two sites recommendedicegate.gov.in12. Some reference sites are : www.indirecttax.gov.in, clear tax , etc13) So after analysing and knowing that all above are there now start the preparationIn GST - Time of supply , Place of supply , Exemptions, Input tax credits and Valuation procedures are very critical , complex and compulsory important chapters. If you are thorough with these chapters then 30 to 40 marks of 70 marks (gst total 70) is safe.Other chapters like Registration , Returns , Payments , if Ur perfect with above steps u can manage.In customs - Valuation , exemptions , duty drawback , warehousing , import export procedures are very much important.FTP - Foreign trade policy is around 4 to 6 marks in portion but still interesting chapter.Common topics for customs and gst like appeals , assessments, penalty's , etc { common in the sense just minor difference in amounts or time period will be there} can be read together. It constitutes around 20 marks .Study the subject with lots of interest and feel as if Ur already a CA and u r having all these clients. If Ur doing articles u can also go to department cases for this gst . So make use of it. If Ur not doing articles still u can get own clients and work upon practically. Daily spend atleast 2 to 3 hrs and ull finish of nicelyAlso in Twitter many questions, many comments about gst will be there . Read those . Also form study groups and discuss . Teach some one n keep learning .All the best ;)
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