What is GST refund with example? GST refund is a process in which a registered taxpayer may claim excess input tax credit lying in the electronic credit ledger. Refund of unutilized input tax credit shall be allowed in the following cases: Zero-rated supplies made...
What is Inverted Duty Structure? Inverted Duty Structure is a scenario where the tax rate on inputs used is higher than the tax rate on outward supplies. In simple terms, GST paid on inputs purchased is more than GST payable on outward sales. This results in the...
Since GST was implemented in India, several exporters have faced difficulties in claiming GST refund in case of export of services or goods. The result’s large amounts of working capital being locked up until refunds are correctly applied for and received. Service exporters particularly have asked us how to get refunds because the process is more complex than for goods exporters. during this post, we answer some questions on getting GST refunds for service exporters.
GST Refund Claim cannot be Allowed If Not corroborated by Documentary Evidence: Jharkhand HC Circular No.37/11/2018-GST dated 15.3.2018
Are you struggling with your GST refund? You filled appeal and it got rejected? Did ever your filled FORM GST RFD-01 for a refund claim got rejected or might have been sanctioned but the amount has not been received? Now firstly let us understand the following...
Relying on the recent GST circular dated 6th July 2022, where the Central Board of Indirect Taxes and Customs (CBIC) has clarified the refund under inverted duty structure where supplier is supplying goods under concessional notification, the Telangana High Court has...
What do you mean by the cancellation of GST registration? Cancellation of GST registration signifies that the taxpayer will no longer be registered under GST once the GST registration is cancelled. In other words, a registered person under GST cannot pay/collect any...
The Central Board of Direct Taxes (CBDT) has issued income tax refunds totaling more than Rs. 1.14 lakh crore to more than 1.97 crore taxpayers between 1 April 2022 and 31 August 2022.
Court allowed the Writ petition for revocation of Cancelled GST registration which was not filed within the statutory period; Facts: The petitioner filed the writ petition for the revoke the the cancellation of registration. The petitioner used to purchase materials...
ITC not available for the past period invoices on account of time limitation. The Authority for Advance Ruling in the matter of M/S Vishnu Chemicals Limited AAR No. 21/AP/GST/2021, dated 20.07.2021 held that No, Input Tax Credit (ITC) on monthly renal tax invoice...