Instructions to spare Tax under GST for Exporters (Must Read)

The GST Council has chosen to expand the assessment exceptions that are accessible for the foreign made products for the following 6months after 31st March 2018. Consequently, the exporters who are at present using the different elevating plans identified with fares can keep on guaranteeing the exceptions on their imports till first October 2018. The GST Council likewise reported the e-wallet plot on tenth March 2018, this was done to guarantee that the exporters appreciate all the duty exceptions.

Assessment sparing under GST for Exporters

Prior, the exporters were confronting sure liquidity issues, since GST appeared and there was consistent postponement in the discounts that the fares should pay at the season of delivery. GST gathering trusts that the duty exceptions for citizens will make the focused and assessment productive in the International Market. In any case, this exclusion isn’t accessible to the who has been arraigned for any offense under GST registration and filing, the tax avoidance for it is Rs. 2.5 Cr.

The arrangement

The transitory arrangement is to re-present pre-GST Exemptions on imports, where the citizen isn’t required to make good on government obligations at the season of imports, this appeared after the 22nd Council meeting that was hung on first October 2017. The board saw that exporters were enduring a direct result of the blockage of money, as they needed to pay GST and IGST on crude materials, inputs, imported completed products and so on. In addition, the exporters who hold AA, EPCG and EOUs, won’t pay any sort of IGST or Cess on the imports. Adding to this, there was another plan that was presented for the trader exporters, wherein they will simply have pay 0.1% as GST for their Procured Goods. Additionally, household obtainments those which were framed under AA or Advance Authorization, EPCG, EOU plans were considered as regarded sends out with the adaptability permitted either to the providers or exporters under which they can guarantee the discount of IGST or GST Payment. All the previously mentioned advantages were accessible to the exporters till 31st March 2018.

Expense sparing under GST for Exporters

Besides, some Financial Institutions and banks are given the alleviation to import Gold without paying IGST, which should be provided to the exporters according to Advance Authentication Scheme.

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IT returns deadline

IT returns deadline extended

 On Monday The income tax (IT) department extended the deadline for e filing of returns by five days, till August 5, after complaints were received that assessees were not able to submit returns.

 

The department had earlier ruled out extending the deadline for filing returns.

IT Filing Date Extended

The department also eased the time frame for linking permanent account number (PAN) with Aadhaar by August 30. Assessees can for now simply quote their Aadhaar number or enrollment ID. In view of the difficulties faced by taxpayers,

 

In view of the difficulties faced by taxpayers, date for efiling of income tax returns for FY 2016-17 has been extended to August 5, 2017.

 

Last minute inundation and heavy traffic on the website of the E-filing portal led to the extension.

 

Assessees, particularly those with some discrepancies in their name or year of birth, or any other data on their Aadhaar and PAN cards, were not able to submit returns.Besides, it was reported the site was down for awhile.
Some people for whom PAN and Aadhaar data was not matching had problems and could not file returns.
IT Filing Last Date

Complaints From  Tax Payers

The department said there were some complaints that the taxpayers were not being able to log on to the filing website or link their Aadhaar with PAN because their names on the permanent account number and Aadhaar databases were not matching.
While technical snags have been removed, the main reason for the login failure was because of last minute rush and panic.

 

To ease out the panic situation, the department said it would be sufficient as of now to quote the Aadhaar or acknowledgment number for having applied for Aadhaar for the filing of returns.
The actual linking of PAN with Aadhaar can be done subsequently, anytime before August 31, 2017, it said.
However, the returns will not be processed until the linkage of Aadhaar with PAN is done.

July 31 deadline for filing income-tax returns

Without UID, Expatriates are unable to file tax returns

Many expatriates living in India and non-resident Indians living in any other country may just end up in tax trouble with no fault of theirs. They all are set to miss the July 31 deadline for filing income-tax returns due to snags in the e-filing system.

 

efiling Income tax - International Taxation- GST

 

Foreign citizens are not required to obtain Aadhaar card for tax filing purpose.

Several expats are unable to file tax returns because the e-filing system would not accept it without an Aadhaar card link.  This despite the government, through a recent notification, clarified that foreign citizens are not required to obtain Aadhaar card for tax filing purpose.

 

As per a leading tax expert,  the income tax e-filing system is not allowing expatriates to upload their returns without Aadhaar as they have been tagged as Indian citizens in the income tax database. This anomaly seems to have its origin at the time of allotment of PAN.

 

In several cases, expats who are not tagged in the jurisdiction of the international tax ward are also not able to upload their tax returns.There seems to be some bug in the IT application as it asks expatriates to submit their foreign bank account when that’s not required as per the law

 

NRIs, too, are unable to upload their tax returns when they mention their country of residence
Several representations on the issue have been made to the government in the last couple of weeks. The government is yet to take any action in this regard. An email sent to Central Board of Direct Taxes (CBDT) did not elicit any response.

 

Many expats and NRIs want the government to extend the deadline for filing the returns.
However, If the government decides to extend the deadline, that has to be done for all taxpayers.

 

The issue of Aadhaar card has come to revisit expats who had thought it was resolved. In April, many tax experts took a view that the Finance Act, 2017 had made it mandatory to enroll for Aadhaar to file tax returns in India or apply for a PAN or keep the existing PAN active effective July 1 if the person is eligible for Aadhaar.

 

Under the Aadhaar Act, anyone who is in India for more than 182 days in aggregate in the past 12 months becomes eligible to obtain Aadhaar. This meant that many expatriates were required to obtain an Aadhaar number, experts said. The possibility of having to give out personal details including biometric ones caused panic among the expat community.