Post GST Meet on Export Compliance
Focused on addressing exporters and importers queries on recently implemented Goods and Service tax, WTC Jaipur hosted a training session on GST for exporters on 25th July’17 .
CA Pulkit Khandelwal, Director, S K Prolific Solutions Private Limited said, “GST (Goods & Services Tax), a single unified indirect tax system aims at uniting India’s complex taxation structure to a ‘One Nation- One Tax’ regime. It will be levied on all supplies with a seamless flow of credit (for both goods & services) till it reaches the end consumer. Only value addition will be taxed and burden of the tax is to be borne by the final consumer.
The mechanism of Exports under GST regime has changed to a great extent as compared to the system that prevailed earlier under Excise or VAT laws.”
He said, supplies of goods and services for exports have been categorized as ‘Zero Rated Supply’ implying that goods could be exported under bond or Letter of Undertaking without payment of integrated tax followed by claim of refund of unutilized input tax credit or on payment of integrated tax with provision for refund of the tax paid.
Discussing on procedure of export Mr. Pulkit said, any person making zero rated supply (i.e. any exporter) shall be eligible to claim refund under either of the following options, namely, one he may supply goods or services or both under bond or Letter of Undertaking, subject to
such conditions, safeguards and procedure as may be prescribed, without payment of
integrated tax and claim refund of unutilized input tax credit; or he may supply goods or services or both, subject to such conditions, safeguards and procedure as may be prescribed, on payment of integrated tax and claim refund of such tax paid on goods or services or both supplied, in accordance with the provisions of section 54 (Refunds) of the Central Goods and Services Tax Act or the rules made there under (i.e. the Central Goods and Service Tax Rules, 2017).
Vote of thanks was proposed by Mr. Navneet Agarwal, Asst. Director, Trade Promotion WTC Jaipur.