GST update received from FIEO
June 29, 2017
Members of the Council
Sub : GST update received from FIEO
Please find below the extracts of update on GST received from FIEO, for kind information.
GST will be rolled out from 1st July, 2017. We hope that you have done the necessary preparation to meet the requirement of GST Regime. As an exporter, it is important that invoice & shipping bills (the two important documents) should be filed as prescribed by the authority.
With a view to help the members, we advise you to follow the followings:-
- Ensure that you have registered with GSTN and have obtained the 15 digit GSTIN which is mandatory for every exporter/importer irrespective of the threshold limit of exports. Please do not assume that since your export turnover is less than the threshold limit of Rs.20.00 lacs (Rs.10 lacs for North Eastern States including Sikkim, Uttrakhand and Himachal Pradesh), you are not required to obtain GSTIN. In case, you have not yet obtained GSTIN, please do so immediately.
- Every exporter/importer is required to mention 8 digit HS code for exports and imports. Therefore, please mention the 8 digit HS code in your invoice and shipping bill. Those exporting products under MEIS have the 8 digit HS code available with them. Services exporters are required to mention Standard Accounting Code (SAC). In case, you encounter any problem in getting the 8 digit HS code or SAC, you may send mail at email@example.com to FIEO to help you in this regard.
- There is no specific format of invoice prescribed for exports. However, it is important that certain information are given in the invoice so as to get refund of tax paid on goods or unutilized input tax credit. Please ensure that the following information are available in the invoice:-
- name, address and GSTIN of the exporter;
- a consecutive serial number, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year;
- date of its issue;
- HSN code of goods or Accounting Code of services; description of goods or services;
- quantity in case of goods and unit or Unique Quantity Code thereof;
- total value of supply of goods or services or both;
- rate of tax (integrated tax);
- amount of tax charged in respect of taxable goods or services (integrated tax);
- place of supply along with the name of State;
- signature or digital signature of the supplier or his authorized representative;
- The invoice shall carry an endorsement “SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST”, as the case may be, and shall contain the following details:i. name and address of the recipient;
ii. address of delivery;
iii. name of the country of destination; and
iv. number and date of application for removal of goods for export
- With a view to enable members to understand the treatment of exports and imports under the GST Regime including impact of GST on exports Schemes such as Duty Drawback, Advance Authorization, EPCG, etc., a power-point presentation is uploaded on the FIEO website www.fieo.org . A copy of the presentation is enclosed.
It is also learnt that the Customs Software has been upgraded for use of new format of Shipping bill w.e.f. July 1, 2017.
Members may kindly note the above.
Thanks and regards
COUNCIL FOR LEATHER EXPORTS