Wait...
  1. Home >
  2. Export Import News >
  3. SEZ >
  4. Complex GST-related regulations spook EOU, SEZ exporters >
  5. Complex GST-related regulations spook EOU, SEZ exporters

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Complex GST-related regulations spook EOU, SEZ exporters.


Date: 26-04-2018
Subject: Complex GST-related regulations spook EOU, SEZ exporters
Businesses set up in Export oriented Units (EOUs) and Special Economic Zone (SEZ) continue to grapple with an array of rules and regulations related to GST even 10 months after the indirect tax system kicked in.

Amongst the various suggestions provided by the industry, Vinay Sharma, Chairman of the Export Promotion Council for EOUs & SEZs (EPCES) today said that one of them was to link the IT backbone GST Network (GSTN) with the National Securities Depository Ltd (NSDL) portal for smooth facilitation of the tax refunds.

NSDL e-Gov is a GST Suvidha Provider (GSP) appointed by GSTN for implementing GST across the country.

Exporters have claimed that over 60 percent of their refunds are stuck with the government complaining that delay in GST refund has blocked their working capital. The government has sanctioned refunds to exporters to the tune of Rs 17,616 crore till March, 2018.

SEZs and EOUs are special schemes under ministry of commerce, as a part of the government’s export promotion strategy and total exports from these two regions amounted to Rs 5.98 lakh crore in 2016-17.

SEZ is a special demarcated area, subjected to regulations that differ from the rest of the country, mainly to make it favorable for foreign direct investment. Such an area is deemed to be considered outside the customs territory.

Sharma also said that the industry was concerned was about the option for SEZ claiming tax refund charged by suppliers.

Currently, a supplier can provide goods and services to units in SEZ under Legal Undertaking (LUT) or export under bond without paying Integrated GST (IGST). Otherwise, they can pay tax and claim the refund later.

While expressing his concerns to a panel comprising key policy makers, Sharma, said that many suppliers do not want to opt for an LUT or the refund process and levying tax in their invoice adds on to the cost burden for an SEZ.

However, under GST-related laws, there is no option for an SEZ unit to claim the refund of the same.

The industry has also sought to treat SEZ as outside India (deemed foreign territory) for ‘place of supply rule’ under IGST for export of services.

Place of supply of goods rules suggests whether the transaction will be counted as intra-state or inter-state. The levy of State GST (SGST), Central GST (CGST) and IGST will be determined accordingly GST is a destination-based tax.

Source: moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 25-08-2020



Date: 12-07-2020
Instruction No. 12/2020-Customs
Requirement of AGMARK certification prior to import of Blended edible vegetable oils-reg.

Date: 10-07-2020
Notification No. 30/2020 - Customs
Seeks to amend notification No. 09/2012-Customs dated 09.03.2012, providing for extension of last date of re-import by three months, for those cases where the last date of such re-import falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic.

Date: 10-07-2020
Instruction No. 11/2020-Customs
Requirement of Veterinary Certificate for Import of Milk and Milk Products into India-reg

Date: 09-07-2020
Notification No. 18/2020-Customs (ADD)
Seeks to extend anti-dumping duty on import of Phenol originating in or exported from South Africa, imposed vide Notification No. 32/2015-Customs(ADD) dated 10.07.2015, up to and inclusive of 9th January, 2021.

Date: 08-07-2020
Notification No. 17/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of ' Steel and Fibre Glass Measuring tapes and their parts and components ',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR

Date: 06-07-2020
Notification No. 29/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate General of Trade Remedies under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

Date: 06-07-2020
Circular No.32/2020-Customs
Circular No.32/2020-Customs dt 6th July 2020 on Turant Customs – Turant Suvidha Kendra and Other Initiatives for Contactless Customs - reg.

Date: 02-07-2020
Notification No. 55/2020 - Customs (N.T.)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

Date: 01-07-2020
Notification No. 58/2020 – Central Tax
Seeks to make eighth amendment (2020) to CGST Rules



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001