Duty Drawback Scheme and GST
By Ranjeet Mahtani and Suhasini Joshi The Duty Drawback Scheme introduced for incentivizing and facilitating exports has been continued under the GST regime. This drawback scheme is an export beneficiation where either a part, or in some cases the entire customs and central excise duties levied on inputs used in manufacturing export goods and Service tax on services used for export of such goods are refunded by the Central Government to the exporter. The exports that are eligible under this scheme are: export of goods which were imported into India as such, or export of goods which were imported into India for use for identified purposes and export of goods which are manufactured or produced out of materials which were either imported or indigenously procured. Under this ...
Technology to ease tax processes, reduce compliance responsibilities: Thomson Reuters
Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...
