Page 2 - Sme Chatroom

'Export incentives available on rupee payment through Vostro account'

That PN does not extend the first block or final EO period. It only relaxes the period within which you can ask for extension of first block or final EO period.

Incoterms CPT, CIP terms oblige seller to contract for carriage, say expert

'The cost for contract for carriage must be borne by the seller, who must ensure that it is on usual terms and usual route as customary for the type of cargo'

Need for correct Incoterm usage can't be overstated, says expert

Incoterms clearly define the obligations of the seller and buyer, when the risk passes from seller to buyer and who bears what costs

'EOU can clear unused raw materials in DTA, or transfer to another unit'

That trade notice cannot override the FTP notified on December 5, 2017

'Service tax and excise duty amnesty scheme comes into effect from Sep 1'

The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 is not yet implemented. It shall come into force with effect from September 1, 2019

'EOUs can import goods from Pakistan without paying customs duty'

The 5/2019 notification grants exemption on goods imported by EOUs from the whole of customs duty leviable thereon under the First Schedule to the Customs Tariff Act, 1975

Export of sample is zero-rated in accordance with Section 16 of IGST Act

'AD Cat I banks may close BoE for import deals where write-off is for quality issues'

Legal action cannot be made illegal through a retrospective amendment

SME queries related to excise, VAT and exim policy answered

SWC not payable when basic customs duty debited to MEIS or SEIS scrip

SWC is levied as a percentage of basic customs duty (BCD). So, when BCD is debited to MEIS/SEIS scrip, it is exempted and consequently SWC is also nil. So, it need not be debited to MEIS/SEIS scrip

'Intermediate supplier can export through the ultimate exporter'

Para 4.30 (b) of HBP says that the intermediate supplier can also supply the product(s) directly to the port for export by the ultimate exporter (holder of Advance Authorisation).

'MEIS benefit available for export realisation in rupee through Vostro a/c'

Imports under EPCG scheme with or without IGST payment has no bearing on export of goods on IGST payment under refund claim

'Exempt supply' includes supplies on reverse charge basis to restrict ITC

'You may restrict input tax credit, as prescribed under Rule 42 of the CGST Rules, 2017'

Stamp duty on bills of exchange drawn on banks is not payable, says expert

In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days

'Drawee must agree to bill of exchange by signing on face of instrument'

You can pay duty 'under protest' by giving a protest letter and taking acknowledgement

Govt grants refund of CVD, SAD paid for regularisation of defaults: Expert

Recently, however, I came across an order granting refund of the CVD and SAD paid upon regularisation of default under advance authorization

Benefit of two exemption notifications on same shipment allowed: Expert

The e-way bill can be generated using a web-based system, SMS-based facility, Android App, bulk generation facility, site-to-site integration or GST Suvidha Provider

Credit note must show tax rate and tax amount, says expert

As per Rule 53(i) of the CGST Rules, 2017, the rate of tax and the amount of tax must be shown in the credit note

Input tax credit must be reversed when finished goods are destroyed: Expert

Under the GST law, you do not need to inform or take permission from any authorities for destroying the finished goods

Supplier to merchant exporter can claim refund of unutilised credit

The notification 3/2018-Central Tax dated January 3, 2018 is available in the CBEC website

If recipient fails to pay supplier in 180 days, he loses ITC and interest

However, interest is a loss that you cannot get back