GET READY FOR SIMPLIEFIED REFUND UNDER GST
|
|
- Gabriel Hubbard
- 5 years ago
- Views:
Transcription
1 GET READY FOR SIMPLIEFIED REFUND UNDER GST Nyn (Associate member of Team GST Cornor) Provisions of refund of Taxes are very important as delay would adversely impact exporters, manufacturers. In some States there is no refund in reality and in many States it is available in a delayed manner with a very high transaction cost. The Service tax refund has similarly seen period of no refund and even today the refunds for the year 2008 are outstanding!! Looking to the concern of the exporters especially of services, the GST provisions for refund are simpler and have built in time limit on 90% for export/ SEZ refund claim. Let s understand the refund scenario under GST in detail: Zero-Rated Supply: The following taxable supplies of goods and/or services are considered as zero rated supplies : - Export of goods or services or both - Supply of goods or services or both to a SEZ developer or SEZ unit Deemed Exports: The government notifies certain supplies of goods which are manufactured in India as deemed exports, where good supplies does not leave India and payment for such supplies is received either in Indian rupees or convertible foreign exchange. It is very important for treating supplies of goods as deemed exports those goods should be manufactured in India Export of Goods means taking goods out of India to a place outside India. Export of Services means the supply of any service when, - The supplier of service is located in India; - The recipient of service is located outside India; - The place of supply of service is outside India; - The payment for such service has been received by the supplier of service in convertible foreign exchange; and - The supplier of service and the recipient of service are not merely establishments of a distinct person.
2 TYPES OF REFUNDS UNDER GST - Refund of tax paid on zero rated supplies of goods or services or both - Refund of tax paid on input or input services used in making above zero rated supplies - Refund of tax on the supply of goods regarded as deemed export - Refund of tax paid on supply which is not provided and for which invoice has not been issued. - Refund of tax paid on advance receipt but subsequently no supply is made and issue refund voucher against receipt voucher issued at the time of advance receipt. - Refund of tax (Central Tax + State Tax or Central Tax + Union Territory Tax) which is wrongfully paid on considering transactions as intrastate supply but subsequently transactions treat as interstate Supply (vice-versa also possible) - Refund of any balance lies in the electronic cash ledger - Amount of advance tax deposited by a causal taxable person or non-resident taxable person - The tax or interest borne by notified class of applicants. - The tax/ interest/ other amounts paid by the applicant, if he had not passed on the incidence of tax to any other person. - Following persons are eligible for a refund of tax paid by it on inward supplies of goods or services or both - A specialized agency of the United Nations Organization or - Any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, - Consulate or Embassy of foreign countries or - Any other person or class of persons as notified under section All outbound passengers carrying goods on which IGST has been paid (charges by the supplier), are entitled to claim refund at the port-of-exit i.e at the time of leaving India REFUND OF UNUTILIZED INPUT TAX CREDIT: - Zero rated supplies made without payment of tax i.e letter of bond supply - Credit accumulated on account of Rate of tax on inputs being HIGHER than the Rate of tax on output supplies OTHER THAN NIL RATED OR FULLY EXEMPT SUPPLIES. Conditions for refund of unutilized ITC: - No refund of unutilized credit where the goods are exported out of India are subjected to export duty - No refund of Input Tax Credit if the supplier of goods or service or both avails of drawback in respect of central tax or claims refund of integrated tax paid on such supplies - No refund of supplies of goods or service or both as may be notified by the government.
3 TIME LIMIT FOR CLAIMING REFUND - A person claiming refund should make an application before 2 years from the relevant date. The time limit of two years will not apply where tax / interest / or any other amount has been paid under protest or otherwise. - There is no provision to condone the delay and the refund claim will be rejected at the threshold without getting into merits of the refund claim. - In case of taxable person claiming refund of any balance in the electronic cash ledger, it can be claimed at the time of furnishing return under section 39 i.e. FORM GSTR-3 or FORM GSTR-4 or FORM GSTR-7 as the case may be - A registered person may claim refund of any unutilized input tax credit at the end of any tax period - Agencies such consulate or embassy of foreign countries etc who is eligible for a refund of tax paid by it on inward supplies of goods or services or both, may make an application for refund within six months from the end of the quarter in which such supply was received. Relevant date means: In case of goods exported out of India Sr. No. Situation Relevant Date 1. Exported by sea or air Date on which the ship or aircraft leaves India, on which goods loaded 2. Exported by land Date on which such goods pass the frontier 3. Exported by post Date of dispatch of goods by PO to a place outside India In case of services exported out of India Sr. No. Situation Relevant Date 1. Where supply has been completed prior to the receipt of payment Date of receipt of payment in convertible foreign exchange 2. Where payment has been received in Date of issue of invoice advance prior to the date of issue of invoice In other cases Sr. No. Situation Relevant Date 1. Supplies of goods treated as deemed exported Date on which return related to such supplies is furnished. 2. Refund as a consequences of judgment, decree, order or direction of authority Date of communication of such judgment, decree, order or direction 3. Refund of unutilized input tax credit End of the financial year in which such claim for refund arises 4. Tax is paid provisionally Date of adjustment of tax after the final assessment 5. Person other than the supplier Date of receipt of goods or services or both by such person 6. In other cases such as amount of advance tax deposited by a casual taxable person or a non-resident taxable person etc. Date of payment of tax
4 PROCEDURE FOR CLAIMING REFUND - Application for refund shall be filed electronically in FORM GST RFD-01, which shall be accompanied by necessary documents. - The applicant must submit documentary evidences [including invoice or any other similar tax paying document] to establish the fact that incidence of tax/interest/amount paid was not passed on by the claimant to any other person. - In case of amount of refund claim is less than Rs.2.00 lakhs, then a self-declaration based on the documentary and other evidences available with the claimant, certifying that he has not passed on the incidence of such tax, interest or any other amount claimed as refund has not been passed on to any other person. (This is only required in case refund of the tax and interest, if any, or any other amount paid by the applicant, if he had not passed on the incidence of such tax and interest to any other person) - In case of amount of refund claimed exceeds Rs.2.00 lakhs, then a certificate in Annexure of FORM GST RRFD-01 issued by a chartered accountant or a cost accountant to the effect that the incidence of tax, interest or any other amount claimed as refund has not been passed on to any other person. (This is only required in case refund of the tax and interest, if any, or any other amount paid by the applicant, if he had not passed on the incidence of such tax and interest to any other person) - The refund application has to be supported by following documentary evidence as applicable that the refund is due to the applicant: SITUATION Refund as a consequences of judgment, decree, order or direction of authority DOCUMENTARY EVIDENCE - The reference number of the order - A copy of the order passed by the officer/authority Refund on account of exports of goods - A statement containing the number and date of shipping bills or bills of export - The number and date of relevant export invoices Refund on account of exports of services - A statement containing the number and date of invoices - The relevant Bank Realization Certificates or Foreign Inward Remittance Certificates Refund on account of supply of goods to a SEZ unit or SEZ developers - A statement containing the number and date of invoices - Letter of authorized operation as endorsed by the specified officer of the zone - Declaration to the effect that the SEZ unit or SEZ developers has not availed of the input tax credit of the tax paid by the supplier of goods or services or both -
5 SITUATION Refund on account of supply of goods to a SEZ unit or SEZ developers DOCUMENTARY EVIDENCE - A statement containing the number and date of invoices, the evidence regarding - Letter of authorized operation as endorsed by the specified officer of the zone - Details of payment - Declaration to the effect that the SEZ unit or SEZ developers has not availed of the input tax credit of the tax paid by the supplier of goods or services or both Refund on account of deemed exports - Statement containing the number and date of invoices along with such other evidence as may be notified in this behalf Refund on account of Rate of tax on inputs being HIGHER than the Rate of tax on output supplies OTHER THAN NIL RATED OR FULLY EXEMPT SUPPLIES Refund arises on account of finalisation of provisional assessment Refund on accounts of tax paid on considering transaction as intrastate supply but subsequently treated as interstate supply - A statement in Annex 1 of FORM GST RFD- 01 containing the number and date of invoices received and issued during a tax period - Reference number of the final assessment order and a copy of the said order - A statement showing the details of transactions considered as intra-state supply but which is subsequently held to be inter-state supply Refund on account of excess payment of tax - A statement showing the details of the amount of claim POINTS TO BE REMEMBER - In case of export of goods, application for refund shall be filed only after the export manifest or an export report. - In respect of supplies to a SEZ unit or SEZ developers, the application for refund shall be filed by the supplier after receipt of evidence for authorized operations in SEZ unit or SEZ developers, as endorsed by the specified officer of the zone. - In respect of supplies regarded as deemed exports, the application shall be filed by the recipient of deemed export supplies. - In case of refund of advance tax deposited by casual taxable person or non-resident taxable person shall be claimed in the last return required to be furnished by him.
6 ORDER SANCTIONING REFUND - On receipt of application, if the proper is satisfied that the whole or part of the claimed as refund is refundable, he shall make an order in FORM GST RFD-06 along with the payment of advice in FORM GST RFD-05 sanctioning the amount of refund to which the applicant is entitled. - The order in Form GST RFD-06 mentions the amount refunded to him on a provisional basis, amount adjusted against any demand under this Act or under any existing law and the balance amount refundable. - In case where the amount of refund is completely adjusted against any outstanding demand then the adjustment shall be issued in Part A of FORM GST RFD In case where the amount of refund is liable to be withheld then the proper officer shall pass an order in Part B of FORM GST RFD-07 informing the reason of withholding. - In case where the whole or any part of the amount claimed as refund is not admissible or is not payable then the proper shall issue a notice in FORM GST RFD-08 to the applicant after the applicant a reasonable opportunity of being heard. - The refund relating to an application if found in order, will be sanctioned within sixty days from the date of receipt of application. - The refundable amount shall be paid to the applicant instead of credited to the fund, if such amount is relatable to: - Refund of tax paid on zero rated supplies of goods or services or both - Refund of tax paid on input or input services used in making above zero rated supplies - Refund of unutilized input tax credit - Refund of tax paid on supply which is not provided and for which invoice has not been issued. - Refund of tax paid on advance receipt but subsequently no supply is made and issue refund voucher against receipt voucher issued at the time of advance receipt. - Refund of tax (Central Tax + State Tax or Central Tax + Union Territory Tax) which is wrongfully paid on considering transactions as intrastate supply but subsequently transactions treat as interstate Supply (No vice-versa) - The tax or interest borne by notified class of applicants. - The tax/ interest/ other amounts paid by the applicant, if he had not passed on the incidence of tax to any other person.
7 POINTS TO BE REMEMBER - In case of claim of refund of unutilized input tax credit, the refund due will be either withheld or deducted in cases where - A person defaults in furnishing any return; - A person is required to pay any tax, interest or penalty ordered, which is not stayed by Court or appellate Authority within the last date for filing an appeal under this act - In case order giving rise to a refund is subject matter of an appeal or further proceeding or where any other proceeding under this act is pending and the Commissioner is of the opinion that grant of refund would affect the revenue adversely in the appeal or proceeding on account of malfeasance or fraud committed, the commissioner may withhold the refund till such time as it may be determined. This can be done only after affording the taxpayer an opportunity of being heard - The amount of advance tax deposited by a casual taxable person or a non-resident taxable person at the time of taking registration would be refunded only after completion of entire period for which the certificate of registration granted and all the returns required to be furnished under section 39 are furnished. - No refund shall be granted or paid to an applicant, if the amount is less than Rs.1000/-.
8 REFUND IN CASE OF ZERO RATED SUPPLY - In case of registered person other than notified person, where refund is on account of zero rated supply of goods and/or services, the proper officer may refund 90% of the total amount claimed (excluding input tax credit not yet finalized) on provisional basis within a period of 7 days from the date of acknowledgement and pass an order in FORM GST RFD- 04 along with payment advice in FORM GST RFD-05 - Amount of refund sanctioned shall be electronically credited to the bank accounts of the applicant. Conditions: When person claiming the refund during any period of 5 years immediately preceding the tax period has not been prosecuted for any offence where the amount of tax evaded exceeds Rs.2.50 crores. - Remaining 10% may be refunded after due verification of documents furnished by the applicant. - In case of zero rated supplies made without payment of tax under bond or letter of undertaking, refund on input tax credit shall be granted as per following formula: REFUND AMOUNT = (TURNOVER OF ZERO RATED SUPPLY OF GOODS OR SERVICE) * NET ITC ADJUSTED TOTAL TURNOVER Adjusted Total Turnover means the turnover in a State or a Union territory excluding the value of exempt supplies other than zero-rated supplies, during the relevant period. - In case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula: MAX. REFUND AMOUNT = (TURNOVER OF INVERTED SUPPLY OF GOODS) * NET ITC ADJUSTED TOTAL TURNOVER LESS: TAX PAYABLE ON SUCH INVERTED RATED SUPPLY OF GOODS
9 REFUND IN CASE OF TAX PAID ON INWARD SUPPLIES - Following persons are eligible for a refund of tax paid by it on inward supplies of goods or services or both - A specialized agency of the United Nations Organization or - Any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, - Consulate or Embassy of foreign countries or - Any other person or class of persons as may be notified - An applicant shall apply for refund in Form GST RFD-10 once in every Quarter along with statement on inward supplies of goods or service or both in Form GSTR-11. (Maximum time limit under which an application for refund made is 6 months from the end of the quarter in which such supply was received) - Where an express provision in a treaty or other international agreement, to which the President or the Government of India is a party, is inconsistent with the provisions of these rules, such treaty or international agreement shall prevail. Conditions of Refund: - The inward supplies of goods or services or both were received from a registered person against a tax invoice. - Name and GSTIN or UIN of the applicant is mentioned on the tax invoice. - The price of the supply covered under a single tax invoice exceeds Rs.5000/-, excluding tax paid, if any
10 INTEREST ON DELAYED REFUNDS - A person shall be eligible for payment of interest on delayed of refunds beyond the period of sixty days from the date of receipt of application. - Interest is liable to be paid at the rate not exceeding 6% in general case or 9% in case of favorable order by adjudicating authority or appellate authority or court. - Interest is liable to be paid from the date immediately after the expiry of 60 days from the date of receipt of an application till the date of refund of such tax. Illustration: ABC Ltd has filed a refund claim of excess tax paid with all the documents and records on The department sanctioned the refund on In such a case, interest has to be paid for the period from to Where the orders of Appellate Authority / Tribunal / Court sanctions refund in an appeal, against the order of refund sanctioning authority, the order of Appellate Authority / Tribunal / Court will be considered as orders passed by refund sanctioning authority. In other words, by virtue of such order, the refund has become due and the interest will then be computed form the date of completion of 60 days from the date of original refund claim made. Illustration: ABC Ltd has filed a refund claim of excess tax paid with all the documents and records on It was rejected by refund sanctioning authority. On Appeal the Appellate Authority passed the order for refund based on which the department sanctioned the refund on In such case, interest has to be paid for the period from to The proper officer shall make an order along with a payment advice in FORM GST RFD- 05, specifying therein following details: - The amount of refund which is delayed; - The period of delay for which interest is payable; and - The amount of interest payable. - Amount of interest shall be electronically credited to the bank accounts of the applicant.
11 SYNOPSIS OF FORMS RELATED TO REFUND Sr. No. FORM Particulars 1. FORM GST RFD-01 Refund Application FORM Annexure:-1 Details of Goods Annexure:-2 Certificate by CA 2. FORM GST RFD-02 Acknowledgement of receipt of refund application FORM 3. FORM GST RFD-03 Notice of deficiency on application for refund 4. FORM GST RFD-04 Refund order on provisional basis 5. FORM GST RFD-05 Payment advice for the amount sanctioned 6. FORM GST RFD-06 Refund Sanction/Rejection Order 7. FORM GST RFD-07 Order for complete adjustment of claimed refund 8. FORM GST RFD-08 Show Cause Notice for rejecting of refund application 9. FORM GST RFD-09 Reply to Show Cause Notice 10. FORM GST RFD-10 Refund application FORM for any specialized agency such as embassy etc. 11. FORM GST RFD-11 Statement of Inward Supply of Goods or Services for any specialized agency such as embassy etc. Feedback/Suggestions are invited at or whatsapp at Anyone can also easily join our leading what s group by filling our bit.do/gstcornor. Above information/detail is mostly based on The Central Goods & Service tax Act, 2017 and Final Refund Rule as on 7th June, Disclaimer: The views expressed in this article are of the CA. Nayan Jain, Nyn (Associate member of Team GST Cornor). The information cited in this article has been drawn from various provision of The CGST Act, Rules, ICAI publications and other various sources. While every effort has been made to keep, the information cited in this article error free, team GST Cornor does not take the responsibility for any typographical or clerical error which may have crept in while compiling the information provided in this article. This article includes general information about legal issues and developments in the proposed law of GST in India. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this article to the fullest extent permitted by law. Do not act or refrain from acting upon this information without seeking professional legal counsel.
DRAFT GOODS AND SERVICES TAX - REFUND RULES, 20--
DRAFT GOODS AND SERVICES TAX - REFUND RULES, 20-- Note: Corresponding changes in the Model GST Law are being carried out separately. Comments, if any may kindly be given by 28 th September, 2016. Chapter-
More informationRefunds. Chapter IX. FAQ s. Refund of tax (Section 54)
FAQ s Refund of tax (Section 54) Chapter IX Refunds Q1. Is the word refund defined in the CGST Act? Ans. Yes, the word refund is defined in explanation to Section 54 of the CGST Act, 2017. As per the said
More information[Chapter XI] Edition 9
[Chapter XI] Edition 9 Contents Refund of Tax [S. 54] Refund in certain cases [S. 55] Interest on delayed refunds [S. 56] Consumer welfare fund [S. 57] Utilization of Fund [S. 58] Related FAQs 2 Rules
More informationChapter- REFUND. 1. Application for refund of tax, interest, penalty, fees or any other amount
Chapter- REFUND 1. Application for refund of tax, interest, penalty, fees or any other amount (1) Any person, except the persons covered by notification issued under section 55, claiming refund of any
More informationREFUND UNDER GST. Law, Rules & Forms. 4 December 2017 Copyrights Reserved of 21
REFUND UNDER GST Law, Rules & Forms www.alankitgst.com 4 December 2017 Copyrights Reserved 2017 1 of 21 What is GST? Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based
More informationTHE GOODS AND SERVICES TAX (REUFND) RULES, Rule Rule Title Form no. Time limit for filing form. Section reference
THE GOODS AND SERVICES TAX (REUFND) RULES, 2017 Rule Rule Title Form no. Time limit 1 Application for refund of tax, interest, penalty, fees or any other amount GST RFD- 01 1. 54 of CGST Act; 2. 16(3)
More informationRefunds under GST. I. Introduction
Refunds under GST DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s).
More informationWEBINAR ON - GST REFUND
WEBINAR ON - GST REFUND Organized by THE CHAMBER OF TAX CONSULTANTS PRESENTED BY RAJIV LUTHIA AN INVESTMENT IN KNOWLEDGE PAYS THE BEST RETURN 11th March, 2018 CA RAJIV LUTHIA 1 Refunds [Chapter XI Sections
More informationRefund process under GST
DISCLAIMER: Refund pro under GST The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not nearily subscribe to the views expressed by the author(s).
More informationCA. Annapurna Kabra
By CA. Annapurna Kabra 9972077441 I) Payment under GST Type of payment Due date Modes of payment with Rules and collection of tax Collection of incorrect amount / rate of GST Omission to collect GST in
More informationGOODS AND SERVICES TAX RULES, 2017 REFUND FORMS
GOODS AND SERVICES TAX RULES, 2017 REFUND FORMS List of Forms Sr. No Form Number Content 1. GST RFD-01 Application for Refund Annexure 1 Details of Goods Annexure 2 Certificate by CA 2. GST RFD-02 Acknowledgement
More informationExport Refund Under GST
ICAI, Hyderabad 25 th June, 2018 Export Refund Under GST by CA Manindar K Partner M/s SBS and Company LLP manindar@sbsandco.com +91 9700734609 Coverage Zero Rated Supplies Detailed Analysis of Section
More informationFORM-GST-RFD-01 [See rule 89(1)] Application for Refund
FORM-GST-RFD-01 [See rule 89(1)] Application for Refund (Applicable for casual or non-resident able person, deductor, collector, unregistered person and other registered able person) 1. GSTIN / Temporary
More informationGOODS AND SERVICES RULES, 2017 REFUND FORMS
GOODS AND SERVICES RULES, 2017 REFUND FORMS List of Forms Sr. No Form Number Content 1. GST RFD-01 Application for Refund 2. GST RFD-02 Acknowledgement 3. GST RFD-03 Deficiency Memo 4. GST RFD-04 Provisional
More informationRefunds under GST & Budgetary Support
Presentation on Refunds under GST & Budgetary Support Presented by: CMA Anil Sharma Secretary, NIRC of ICAI 98720-73456 anil_sharma01us@yahoo.com 1 REFUNDS- Chapter-XI Sections-54-56 of CGST Act, 2017
More informationPresents a booklet on. Refunds under GST
CGST Act 2017: Chapter XI : Section 54 to 58 54 Refund of Tax 55 Refund in Some Cases 56 Interest on delayed Refunds 57 Consumer Welfare Funds 58 Utilisation of Fund Presents a booklet on Refunds under
More informationREFUND EXPORT PROCEDURES
REFUND EXPORT PROCEDURES CHARTERED ACCOUNTANT For WIRC-ICAI GST on Exports? Export of Goods & Services IS GST APPLICABLE Movement of Goods out of India- Sec 2(5) of IGST Act For Services- Sec 2(6) of IGST
More informationTHE CGST ACT, 2017 REFUNDS
THE CGST ACT, 2017 CHAPTER XI REFUNDS Presented By - CA H.L.Madan Mobile No. - 9312238908 Date - 01.06.2018 PENDENCY OF REFUNDS Federation of Indian Export Organisations said on Tuesday ie. 29.05.2018
More informationWIRC of ICAI. Understanding Annual Returns & Reconciliation Statement. Presented By CA. Kevin Shah
WIRC of ICAI Understanding Annual Returns & Reconciliation Statement Presented By CA. Kevin Shah STATUTORY PROVISIONS Section 35 (5) of the CGST Act, 2017 (5) Every registered person whose turnover during
More informationIssues relating to SEZ
Issues relating to SEZ DISCLAIMER The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s).
More informationS.54 Relevant circulars, notifications, clarifications issued by Government
Refund Page 1 S.54 Relevant circulars, notifications, clarifications issued by Government 21 March 2019 23:57 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) Notification No.37/2017-Central Tax dated 04.10.2017
More information[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect es and Customs Notification
More informationintroduction to gst refunds refund ProceDureS i-5
Contents 1 Introduction to GST refunds 1.1 Introduction 1 1.2 Refund provision in GST Law 1 1.3 Scope of refund in GST Law 3 1.4 Refund of tax, interest, penalty, fee or any other amount paid 4 1.5 Exhaustive
More informationRegistration. Chapter IV FAQS. Registration (Section 22 to 30)
Chapter IV Registration FAQS Registration (Section 22 to 30) Q1. If a person is operating in different states, with the same PAN number, can he operate with a single Registration? Ans. No. Every person
More informationRefund of unutilised Input Tax Credit (ITC)
Accumulation of Input Tax Credit happens when the tax paid on inputs is more than the output tax liability. Such accumulation will have to be carried over to the next financial year till such time as it
More information[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect es and Customs Notification
More informationCA. Hrishikesh Wandrekar Wandrekar & Co.
Wandrekar & Co. Basic Concept of GST Destination Based Consumption Tax Tax leviable on value added in the transaction chain Tax on goods & services borne by the ultimate consumer Input tax credit available
More informationFORM-GST-RFD-01 [See rule 89(1)]
FORM-GST-RFD-01 [See rule 89(1)] Application for Refund Select: Registered / Casual/ Unregistered/Non-resident taxable person 1. GSTIN/Temporary ID: 2. Legal Name: 3. Trade Name, if any: 4. Address: 5.
More informationRegistration. Chapter IV. FAQ s. Registration (Section 22 to 30)
Chapter IV Registration FAQ s Registration (Section 22 to 30) Section 22 to 30 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of the UTGST
More informationF. No. 349/169/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing
Circular No. 17/17/2017 - GST F. No. 349/169/2017-GST Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs GST Policy Wing New Delhi, Dated the 15 th November,
More informationReturns in goods and services tax
Returns in goods and services tax A brief overview by Shri Sunil Lahane, Dy Commissioner, Sales Tax Outline What s special about GST return? Overview of Returns to be submitted by regular tax payers Process
More informationPresented by Ankit Suresh Kabra [B.Com, ACA, LL.B.]
Presented by Ankit Suresh Kabra [B.Com, ACA, LL.B.] Day & Date: Saturday, 19th January, 2019 Organised by : Western India Regional Council of ICAI (WIRC) 1 Contents Sr. No Particulars Page No 1 Background
More informationFAQ s on Form GSTR-9 Annual Return
FAQ s on Form GSTR-9 Annual Return DISCLAIMER The views expressed in this write up are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationProposed Amendments in GST Law
Proposed Amendments in GST Law On 09.07.2018, the Goods and Service Tax Council has issued draft proposal for the amendment in the "Goods and Services Tax" Law. The entire proposal gives brief view on
More informationGST Annual Return: Introduction
Annual Return (Relevant Provisions) CGST Act Sections: 35(5), 44 and 47(2) D R Gupta: GSTR-9 CGST Rules Rule: 80 1 GST Annual Return: Introduction GST annual return (i.e. GSTR-9) is be filed by the regular
More informationMODEL GST LAW. CA. UPENDER GUPTA, IRS COMMISSIONER (GST), CBEC
MODEL GST LAW CA. UPENDER GUPTA, IRS COMMISSIONER (GST), CBEC upender.gupta@nic.in PRESENTATION PLAN BASIC FEATURES HIGHLIGHTS OF MODEL GST LAW (MGL) MINIMAL HUMAN INTERFACE GST A GAME CHANGER 2 BASIC
More informationGOODS & SERVICES TAX / IDT UPDATE 51
GOODS & SERVICES TAX / IDT UPDATE 51 Central Goods and Services tax (Fifth Amendment ) Rules, 2018 The Central Government vide Notification No. 46 /20/2018 GST dated 13 th June, 2018 notified following
More information10. In the said rules, after FORM GSTR-8, the following FORMS shall be inserted, namely:-
3. Columns (7) & (8) in Table (A), Table (B) and Table (C) may not be filled where one-to-one correspondence between goods sent for job work and goods received back after job work is not possible. 6. Verification
More informationGST. Compiled by: Central Circulars on Export and Refund (Updated upto 15 th January, 2019)
GST Central Circulars on Export and Refund (Updated upto 15 th January, 2019) GST Compiled by: GST Policy Planning Unit Directorate of Commercial Taxes, Govt. of West Bengal Ref: http://www.cbic.gov.in/,
More informationGOODS AND SERVICE TAX FILING OF RETURN. Prepared by Dharmendra Academy of GST Awareness
GOODS AND SERVICE TAX FILING OF RETURN 1 Returns Chapter IX of the CGST/SGST Act, 2017 GST Return Rules, 2017 2 RETURNS: SALIENT FEATURES A return is a statement of specified particulars relating to business
More informationGOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA TRADE CIRCULAR NO. 12/2017 DATED:
GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 TRADE CIRCULAR NO. 12/2017 DATED: 15.11.2017 Sub Manual filing and processing of refund claims in respect of
More informationWIRC of Institute of Chartered Accountants of India
WIRC of Institute of Chartered Accountants of India Event : GST Course for CA Students Date & Day : 25 th May, 2017 (Thursday) Subject : - Input tax credit including Input Tax Credit Rules - Provisions
More informationChapter IX Returns Statutory Provision 37. Furnishing details of outward supplies
Chapter IX Returns Statutory Provision 37. Furnishing details of outward supplies (1) Every registered taxable person, other than an input service distributor, a non-resident taxable person and a person
More informationGoods & Services Tax
Goods & Services Tax Central Goods & Services Tax Act, 2017 Import & Export of Goods District Centre Janakpuri Study Circle Of NIRC of ICAI Friday, 25 th August, 2017 CA RohitVaswani, B.Com, FCA, ACMA,
More informationThe Empowered Committee of State Finance Ministers have worked out a dual GST model for India. In
GST is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as on the services at a national level. In an utopian situation, the tax has to be a singular
More informationGOODS & SERVICES TAX / IDT UPDATE 58 GST. Central Goods and Services tax (Eighth Amendment ) Rules, 2018
GOODS & SERVICES TAX / IDT UPDATE 58 GST Central Goods and Services tax (Eighth Amendment ) Rules, 2018 The Central Government vide Notification No. 39 /2018 CT dated 4 th September, 2018 has notified
More informationThe. Extraordinary Published by Authority ASADHA 15] THURSDAY, JULY 06, 2017 [SAKA 1939 GOVERNMENT OF WEST BENGAL FINANCE DEPARTMENT REVENUE
Registered No. WB/SC-247 PART I] THE KOLKATA GAZETTE, EXTRAORDINARY, JULY 06, 2017 No. WB(Part-I)/2017/SAR-421 1 The Kolkata Gazette Extraordinary Published by Authority ASADHA 15] THURSDAY, JULY 06, 2017
More informationGOODS & SERVICES TAX / IDT UPDATE 67
GOODS & SERVICES TAX / IDT UPDATE 67 Amendment in the meaning Advance Authorisation The Central Government vide N No. 1/2019- CT dt 15 th Jan, 2019 made the following amendments in the N No. 48/2018- CT
More informationChapter - RETURNS. 1. Form and manner of furnishing details of outward supplies
Chapter - RETURNS 1. Form and manner of furnishing details of outward supplies (1) Every registered person (other than a person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017)
More informationGST - AN OVERVIEW I-5
Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Broad definition of service 3 1.1-2 Dual GST for supply of goods and services within State 3 1.1-3 IGST for inter-state transactions
More informationBeginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC 3rd October Presenter CA Mandar Telang
Beginners Course on GST (Registration, Returns, Payment & Documentation) organised by WIRC Presenter CA Mandar Telang 1 Registration 2 Registration Legal Framework v Taxable Person means a person who carries
More informationGST - AN OVERVIEW I-5
Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Amendments made to GST Acts vide Amendment Act, 2018 3 1.1-2 Broad definition of service 6 1.1-3 Dual GST for supply of goods and
More informationPayment of tax, interest, penalty and other amounts (Section 49)
FAQ s Chapter VIII Payment of Tax Payment of tax, interest, penalty and other amounts (Section 49) Section 49 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST
More informationInput Tax Credit Rules
Input Tax Credit Rules Rule 1 of ITC - Documentary requirements and conditions for claiming ITC:- Input Tax Credit shall be availed by a registered person, including the Input Service Distributor, on the
More informationCOMPOSITION LEVY DISCLAIMER: Threshold limit for Composition scheme: Act
COMPOSITION LEVY DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s).
More information2. Summary of legal provisions at a glance. Prepared by: C. P. Goyal, IRS Date of Preparation: Export of Goods or Services under GST Laws
1. Relevant Legal Provisions: Prepared by: C. P. Goyal, IRS Date of Preparation: 9.7.2017 Export of Goods or Services under GST Laws A. The IGST Act, 2017 Section 2: Definitions o Clause (5): Export of
More informationFILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT
FILING OF RETURNS UNDER GST INCLUDING MATCHING OF INPUT TAX CREDIT DRAFT RETURN FORMS FORM NO DETAILS 1. GSTR 1 Details of outward supplies of taxable goods and/or services effected 2. GSTR 01A Details
More informationUPDATE ON AMENDMENTS TO CGST ACT, 2017
UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-
More informationGSTR-3. (figures in Rs) Value IGST Additional Tax (1) (2) (3) (4) (5) Goods
GSTR-3 ANNEXURE-IV TAXPAYER DETAILS 1. GSTIN. GST RETURN [To be furnished by the 20 th of the month] [Other than compounding taxpayer / ISD] 2. Name of Taxpayer. 3. Address [S. Nos. 1, 2 and 3 shall be
More informationAnnual Returns GST Index
DISCLAIMER The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed by the author(s). The information
More informationInvoice IGST Addl Tax # POS
GSTR-1 OUTWARD SUPPLIES MADE BY THE TAXPAYER 1. GSTIN:.. 2. Name of the taxpayer:.. (S. No. 1 and 2 will be auto-populated on logging) ANNEXURE-II [To be furnished by the 10 th of the month] [Not to be
More informationGOODS AND SERVICE TAX UNDER REVERSE CHARGE - PROVISIONS & ITS COMPLIANCES
GOODS AND SERVICE TAX UNDER REVERSE CHARGE - PROVISIONS & ITS COMPLIANCES CMA NIRANJAN SWAIN, LLB, ACS, FCMA Normally Goods and Service Tax (GST) is payable by the Taxable person who is supplying goods
More informationGSTR 9- Annual Overview Engagement. pack
GSTR 9- Annual Overview Engagement Return pack TYPES of GSTR 9 GSTR 9 : GSTR 9 should be filed by the regular taxpayers filing GSTR 1, GSTR 2, GSTR 3. GSTR 9A GSTR 9A should be filed by the persons registered
More informationProcedures under GST BY CA LAKSHMI G K. Hiregange & Associates
Procedures under GST BY CA LAKSHMI G K 1 Coverage Procedure to register under GST Procedure to supply goods Books of accounts to be maintained under GST Procedure to pay GST Procedure to file returns under
More information28 September Draft Goods & Services Tax Rules on Registration, Invoice, Payment, Return and Refund. Dimensions - GST Edition
28 September 2016 Dimensions - GST Edition Moving fast track to meet the April 2017 deadline for implementation of GST, the Government has come out with draft rules and their formats relating to registration,
More informationGST Overview. ~CA Unmesh G. Patwardhan~ Mobile No Unmesh Patwardhan Mobile No
GST Overview ~CA Unmesh G. Patwardhan~ Mobile No.98224 24968 Unmesh Patwardhan Mobile No.98224 24968 1 Brief History & Concept of GST Unmesh Patwardhan Mobile No.98224 24968 2 1 st Jul 2017 The D Day Journey
More informationName What does it relate to When to be filed
Name What does it relate to When to be filed GSTR-1 GSTR-2 GSTR-3 Outward Supplies made for a month by a regular taxpayer Inward Supplies made for the month by a regular taxpayer Consolidated return by
More informationAccounts and Records. Chapter VI. FAQ s. Accounts and other records (Section 35)
FAQ s Accounts and other records (Section 35) Chapter VI Accounts and Records Section 35 of the CGST Act, 2017 made applicable to IGST vide Section 20 of the IGST Act, 2017 and UTGST vide Section 21 of
More informationRegistration. Chapter VI
Chapter VI Registration Statutory provision 22. Persons liable for registration (1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category
More informationGOODS AND SERVICES TAX RULES, 2017 RETURN FORMATS
GOODS AND SERVICES TAX RULES, 2017 RETURN FORMATS 1 List of Forms Sr. No. Form No. Title of the Form 1 2 3 1. GSTR-1 2. GSTR-1A 3. GSTR-2 4. GSTR-2A 5. GSTR-3 6. GSTR-3A Details of outwards supplies of
More informationGST (GOODS AND SERVICES TAX) TDS MECHANISM UNDER GST
GST (GOODS AND SERVICES TAX) TDS MECHANISM UNDER GST Tax Deduction at Source (TDS) is a system, initially introduced by the Income Tax Department. It is one of the modes/methods to collect tax, under which,
More informationIndia prepares for GST
Exceeding Expectations Since 1985 India prepares for GST Issue #2 CONTENTS 1. Model GST Law - Introduction... 03 2. Taxable Event: Supply... 07 3. Registration...11 4. Input Tax Credit...13 5. Time of
More informationReverse Charge. Section 9 (3) of CGST Act, 2017 Section 9 (4) of CGST Act, Section 5(3) of IGST Act, 2017 Section 5(4) of IGST Act, 2017
GST RETURNS Reverse Charge Section 9 (3) of CGST Act, 2017 Section 9 (4) of CGST Act, 2017 Section 5(3) of IGST Act, 2017 Section 5(4) of IGST Act, 2017 Reverse Charge Sl No. Category of Supply of Services
More informationREFUND OF IGST OR ACCUMULATED ITC IN CASE OF EXPORTS
REFUND OF IGST OR ACCUMULATED ITC IN CASE OF EXPORTS Legal provisions The provisions regarding sanction of refund in case of exports are contained in Section 54 of the CGST Act, Rules 89 to 97A of the
More informationMaster class on GST. Institute of Company Secretaries of India - WIRC. CA Ashit Shah. Shah & Savla LLP. Chartered Accountants
Master class on GST Institute of Company Secretaries of India - WIRC CA Ashit Shah Chartered Accountants Matters to be covered Job work E-Commerce Valuation of Goods and Services Accounts & Records Tax
More informationREGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants
REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By BRIEF INTRODUCTION TO GST GST is a Tax on Goods and services and it is proposed to be a comprehensive indirect tax levy on manufacture,
More informationSUGGESTED SOLUTION CA FINAL NOVEMBER 2018 EXAM. Test Code - FNJ 7013 O
SUGGESTED SOLUTION CA FINAL NOVEMBER 2018 EXAM SUBJECT - IDT Test Code - FNJ 7013 O BRANCH - () (Date :) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
More informationall above issues has been analyzed in this article at length at relevant places in the form of discussion.
Determination and apportionment of input tax credit in respect of capital goods (Critical analysis of Rule 43 of Central Goods and Services Tax Rules, 2017) DISCLAIMER The views expressed in this article
More informationImportant MCQ of GST
Important MCQ of GST By CA Vivek Gaba (Expected in Exam) 1. Compensation to states under GST (Compensation to States) Act, 2017 is paid by a) Central Government from consolidated fund of India b) Central
More information4. Inward supplies on which tax is to be paid on reverse charge
Form GSTR-2 [See Rule..] Details inward supplies goods or services Year Month 1. GSTIN 2. (a) Legal name the registered person Auto populated (b) Trade name, if any Auto populated 3. Inward supplies received
More informationEXPORT OF GOODS AND/OR SERVICES ON PAYMENT OF IGST
CHAPTER 6 EXPORT OF GOODS AND/OR SERVICES ON PAYMENT OF IGST 6.1 exports as zero-rated SuppLy exports are termed as zero rated supply as per Section 2(23) of the IGST Act, 2017 which places its reference
More informationunder RCM How composition dealer will be affected by RCM? What if the supplier is not registered?
Step by step compliances under RCM How composition dealer will be affected by RCM? He may have to prepare self tax invoice being a recipient He will have to put such inward supply in GSTR 2 Also to ensure
More informationGST Returns. Law and procedure
GST Returns Law and procedure Objectives Brief overview of Act and rules Category of return filers Frequency and Timelines Content, relationships and data flow of returns Mismatches and credit reversal
More informationFrequently Asked Questions on TCS
LAW COMMITTEE GST COUNCIL MIN 28 TH SEPTEMBER, 2018 Frequently Asked Questions on TCS Sr. Question no. 1. What is Electronic Commerce? 2. Who is an e- commerce operator? 3. What is Tax Collection at Source
More informationREGISTRATION. AKOLA Branch of WIRC of ICAI. CA. Dhiraj C Baldota Solapur. June 17, 2017
REGISTRATION June 17, 2017 AKOLA Branch of WIRC of ICAI CA. Dhiraj C Baldota Solapur EXCISE / SERVICE TAX / VAT and on. take taxes but reduce compliance. a smooth n healthy act???? Why Liability to Register
More informationReturns, Matching Concept, Accounts & Records, under GST Law. Presentation by CA. Gaurav V Save GST Course for CA Students WIRC of ICAI June 07, 2017
Returns, Matching Concept, Accounts & Records, under GST Law Presentation by CA. Gaurav V Save GST Course for CA Students WIRC of ICAI June 07, 2017 Agenda Returns & Matching Concept Accounts & Records
More informationUttar Pradesh Shasan Sansthagat Vitta, Kar Evam Nibandhan Anubhag -2
Uttar Pradesh Shasan Sansthagat Vitta, Kar Evam Nibandhan Anubhag -2 In pursuance of the provision of clause (3) of Article 348 of the Constitution, the Governor is pleased to order the publication of
More informationThe Centre of Excellence for GST. GST: Returns. JULY 09, 2017 ICAI Tower, BKC MUMBAI. CA. Hemant P. Vastani. The Centre of Excellence for GST
GST: Returns JULY 09, 2017 ICAI Tower, BKC MUMBAI CA. Hemant P. Vastani 1 Sections Covering Returns 37. Furnishing details of outward supplies. 38. Furnishing details of inward supplies. 39. Furnishing
More informationTEXPROCIL. (A) Exports under Bond/ LUT or under Refund of IGST
Guidance Note on GST (A) Exports under Bond/ LUT or under Refund of IGST (I) Exports Zero rated supplies All exports as well as supplies to SEZs have been categorized as Zero rated supplies in the IGST
More informationॐ सह न ववत सह न भ नक त सह व र य करव वह त जस वव न वध तमवत म ववद ववष वह ॐ श स त श स त श स त
ॐ सह न ववत सह न भ नक त सह व र य करव वह त जस वव न वध तमवत म ववद ववष वह ॐ श स त श स त श स त Om, May God Protect us Both (the Teacher and the Members), May God Nourish us Both, May we Work Together with Energy
More informationNote on Simplified Returns and Return Formats July, 2018
Note on Simplified Returns and Return Formats July, 2018 1 INDEX Sr. Name Description Page 1 2 3 4 1. Features Key Features of Monthly Returns 3-9 2. Features Key Features of Quarterly Returns 10-11 3.
More informationGOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR
GOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR PRESENTATION COVERAGE TRANSITIONAL PROVISIONS UNDER CGST/SGST ACT SEC. 139 TO 142 OF CGST ACT TRANSITIONAL
More informationTransitional Provisions
FAQ s Migration of Existing Tax Payers (Section 139) Similar provisions have been specified in the UTGST Act, 2017 Chapter XVIII Transitional Provisions Q1. What is the primary condition for provisional
More informationGoods & Service Tax: Clarification required on various issues under Business Processes on GST. Date:
Goods & Service Tax: Clarification required on various issues under Business Processes on GST Date: 31-10-2015 GST-Export of Goods: Obtaining non-duty paid inputs & exporting Final Product without payment
More informationCHAPTER---- Input Tax Credit. 1. Documentary requirements and conditions for claiming input tax credit
CHAPTER---- Input Tax Credit 1. Documentary requirements and conditions for claiming input tax credit (1) The input tax credit shall be availed by a registered person, including the Input Service Distributor,
More informationfgekpy izns'k ljdkj 30th June, 2017 Shimla , the
jkti=] fgekpy izns'k fgekpy izns'k jkt; 'kklu }kjk izdkf'kr 'kqøokj] 30 twu] 2017@9 vk"kk
More informationGST MSME SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow
GST SECTORAL SERIES MSME Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in Question 55: Whether a registered person under the composition scheme needs to learn
More informationISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES
ISSUES IN COMPOSITION SCHEME UNDER GST PGS & ASSOCIATES DEFINITIONS:- Aggregate Turnover means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and Inter-State
More informationGOODS & SERVICES TAX / IDT UPDATE 31
GOODS & SERVICES TAX / IDT UPDATE 31 E-way Bill Mechanism Following decisions were taken by the GST council in the 24 th GST Council meeting for implementation of nationwide e-way Bill system : i) The
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More information