Latest Blogs from SBS and Company LLP

    Bitcoin – for some people, this may be something making them exited and sleepless while for some others, it may be the first time they have come across such a term. 

    Many believe it to be the greatest digital invention while some are convinced of its failure in near future. 

    Some see it as undisputed future global currency, many believe it as a better investment asset (digital gold) in fact to be better than gold. 

    Some say it is the ultimate solution to modern day tyranny, some say it only fuels terrorism(physical and cyber) and results in financial chaos while most other people are yet to know about what exactly a bitcoin is. 

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    Brief of Update: 

    This update pertains to pertains to release of press release as a consequence of 22nd GST Council Meeting at New Delhi. 

    The highlights of 22nd GST Council meet are as under: 

    Composition Scheme: 

    1. Threshold for availing composition scheme has been increased to 1 Crore from existing 75 lakhs. Hence, all dealers whose aggregate turnover in the preceding year is less than 1 crore, can opt for composition till 1 Crore of turnover for the period ended 03.2018. The scheme shall be available to new and migrated assesses. 
    1. Any person who is engaged in provision of exempted services was earlier made ineligible for opting for composition However, the Council has decided to allow such per- sons to opt for composition even they are providing exempt services. Please note all other conditions regarding eligibility for composition has to be satisfied. 

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    Brief of Update:

    This update pertains to release of notifications and circular regarding providing relaxation from furnishing of bond for all exporters and suppliers to SEZs. The summary of the notification and circular is as under: 

    The CBEC has issued a Notification No 37/2017 – CT and Circular 8/8/2017-GST dated 4th Oct, 17 regarding furnishing of Letter of Undertaking (LUT) instead of Bond. 

    Earlier, only certain class of exporters and exporters with certain turnover criterion were al- lowed to furnish LUT instead of bond along with bank guarantee for export of goods or services outside India or to a SEZ unit or developer. Now, every exporter and supplier to SEZ have been given the facility to file LUT instead of bond.

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