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Govt exempts IGST on ocean freight from October 1 | The Financial Express financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court s ruling in the case of Mohit Minerals and help explicitly mention the government s alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added. ....
While there is one-time limit of Rs 20,000 and no overall limit on cash deposits in bank accounts, tax experts emphasise the importance of being aware of reporting requirements and the potential scrutiny from the income tax department. ....