GST
GST Refund for Exporters – A major bottleneck after Budget 2021 –
A person making zero rated supply can claim of refund of GST of the IGST amount paid ,the shipping bill was treated as declaration of export in case of goods ,there was no restriction on input of capital goods in that case . In second case the accumulated ITC can be claimed as refund without
Read MoreGST ITC Availment restricted
As per Rule 36(4) of the CGST Rules 2017 notified w.e.f. 09.10.2019, restricts availment of credit to 120% of the eligible credit based on invoices/debit notes uploaded by the supplier in their GSTR-1s. From 1st January 2020, the eligibility has got reduced to 110% of such eligible credit. In case availment is in excess of
Read MoreAction point regarding GST notices
It is observed from last few days there are series of notices from the department in which it is instructed by the department to pay the excess ITC along with interest . In the first instance all these notice are without DIN ( Document Identification Number ) and department has itself declare that any communication
Read More*GST ITC restriction after the extended date of credit availment of GSTR 3B
As per Section 16(4) of the CGST Act, 2017 any of the registered persons filing their GSTR-3B return in respect of the last two financial years (July 2017-March 2018 and 2018-19) after 30.04.2019 and 20.10.2019 respectively, could not have availed any credit on invoices or a debit note pertaining to the relevant financial year except in
Read MoreREFUND UNDER GST
Any person can claim the refund under GST ,or the interest paid thereon within 2 years from the relevant date .The relevant date depend on the nature of refund . Situation where refund is possible – Refund on tax paid on zero rated supplies of goods and services or both or input service
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