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Are you familiar with India’s essential export regulations? If you receive payments from abroad in foreign currency, you are exempt from paying GST. Per the export regulations set by the Indian government, the export of goods and services is considered a zero-rated supply if payments are received in foreign currency. Since payments are received later,
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Introduction Supply Definition: As per the Act, Supply means all forms of supply of goods or services, e.g., sale, transfer, barter exchange, lease, disposal made or agreed to be made for a consideration by a person in the course of furtherance of business In the dynamic world of commerce, where every supply holds a story
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GST (Goods and Services Tax) replaces indirect taxes such as VAT, excise duty, and services tax. It is a levy on the supply of goods and services. A non-resident taxpayer has to register under GST for doing business in India. The registration is to be obtained within five days before commencing the business. All non-resident
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Collection of input tax credit happens when the tax paid on inputs is more than the output tax liability. Such collection will have to be carried over to the next financial year until the registered person can utilize it to pay an output tax liability. However, the GST law permits refund of unutilized ITC in
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Every registered taxpayer must file GSTR-3B monthly, which summarizes all the inward and outward supplies taken during the month. The taxpayer can file the GSTR-3B by online & offline mode available on GST Portal. Further, if no sales and purchases are made during the year, the registered taxpayer needs to file NIL GSTR-3B. Failure to
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