The Government has recently issued multiple implementing notifications, which have come into effect on 1 April 2019. The notifications provide the conditions and computational mechanics of charging lower rates of GST on under-construction residential real estate. One key aspect of this change is the option given to existing projects to either adopt the new rate structure or continue with the incumbent framework. As the conditions/ computational mechanics are fairly complex and need to be dealt with carefully for effective compliance, they are expected to pose a challenge to the industry. Continue reading
USA recently partially revoked concessional tariffs offered under the Generalised System of Preferences (GSP) to less developed and developing countries. GSP, described as USA’s oldest and largest trade preference program (of which India was the largest beneficiary), revoked concessional customs duties offered on approximately 90 items. Continue reading
The prescribed goods are mobile phones, memory cards and off-the-self software. Continue reading
What has happend the last two weeks regarding GST? Find out more about the Supreme Court of India, draft of simpliefied formats of GST returns, different figures and numbers of GST and what to expect in the near future. Continue reading
Who is Affected?
Any business that meets the AUD $75,000 registration threshold and sells low value goods (under $1000) into Australia to consumers will be affected. Continue reading
From 1 July 2018 Australian goods and services tax (GST) will apply to sales of low value goods sold to consumers in Australia. Businesses that meet the A$75,000 registration threshold will need to register for GST, charge GST on relevant sales and remit the GST to us by lodging returns. Continue reading
Based on representations and to ensure uniformity in the implementation of the refund provisions relating to export of goods and services, the Central Board of Excise and Customs (Board) has issued Circular No. 37/11/2018 – GST dated March 15, 2018 to clarify various aspects relating to processing and sanction of refund claims. Continue reading