Tax Tunnel

Timely refund mechanism is very essential part of taxation, as it facilitates trade through release of blocked fund for working capital, expansion and modernization of existing business. In this article, we will cover the below topics: Eligible Refunds of GST and ITC Time limit for claiming the Refunds Manner of Claiming the Refunds Eligible Refunds of GST and ITC A claim for refund may arise on account of : Export of Goods and Services. Supplies to SEZs units and developers. Deemed Export supplies Refund of taxes on purchase made by UN or Embassies etc Refund arising on account of Judgement , decree, order or direction of the Appellate Authority, Appellate Tribunal or any court. Refund of Accumulated Input Tax Credit  on account of Inverted Duty Structure. Finalization of Provisional Assessment . Refund of Pre-deposit. Excess payment due to Mistakes. Refund on account of issuance of Refund Vouchers for taxes paid on advances against which goods or services has not been supplie...

वर्तमान में, इनपुट टैक्स क्रेडिट (ITC) का दावा करने के लिए, Section 16 के तहत उल्लिखित Conditions के अलावा, एक Condition GSTR-2A में उसका दिखना भी है। यह Matching concept November 2019 में सरकार द्वारा लाइव की गई थी। जिसके कारण अब taxpayers के लिए record बनाए रखना और ITC का दावा करना और भी मुश्किल हो गया है। GSTR-2A का उपयोग करके ITC घोषित करने में कुछ चुनौतियां हैं जिनमें शामिल हैं: GSTR-2A का Dynamic Nature है, यह Statements तब भी Update होता रहता है जब कोई Supplier अपने GSTR-1 को फाइल करता है। इसलिए, एक taxpayer के लिए अपनी Actual ITC को निर्धारित करना मुश्किल हो जाता है और जिसे उसका Working Capital block होता है. इसमें Upload और filed किए गए invoices दोनों शामिल हैं। कोई उपयोगकर्ता इंटरफ़ेस नहीं है जहां यह GSTR-1 की तरह एक महीने के लिए ITC की कुल राशि को दर्शाता है जहां आप Tax की कुल राशि देख सकते हैं। GSTR-2A को डाउनलोड करने में बहुत समय लगता है जब invoices की संख्या 1000 या 2000 से अधिक होती है। इनमें से कुछ और अन्य चुनौतियों के लिए और GST Return filing करने में आसानी के...

Presently, for claiming the Input Tax Credit (ITC), apart from the conditions mentioned under section 16, one of the condition is reflection of the same in GSTR-2A. This matching concept was made live by the Government in November 2019. Due to the which it has now become even more difficult for the taxpayers to maintain the records and claim the ITC. There are certain challenges in declaring ITC using GSTR-2A which includes: The Dynamic Nature of the statement GSTR-2A, this statements keeps on updating whenever a supplier files his GSTR-1. So, it becomes difficult for a taxpayer to determine his actual ITC and results in blocking working capital. It contains both uploaded as well as filed invoices. There is no User Interface where it reflects the total amount of ITC for a month just like in GSTR-1 where you can see the total amount of tax. It takes a lot of time to download the GSTR-2A when the number of invoice count is more than 1000 or 2000. In order to overcomes, some of these and ...

As we know that the world is facing the pandemic and everyone got affected by this very badly whether in terms of monetary or non-monetary. Government has taken various steps on time to time to give relief to taxpayer’s whether in terms of reducing rates, relief packages and extension of time limit of various compliances. A  press released has been conducted on 13.05.2020 and one of the major announcement has been  made by our finance minister for reduction in TDS rates by 25% under income tax act and give liquidity  to taxpayer’s. We have summarised  only those TDS rates which has been reduced w.e.f 14.05.2020 and these are  as under: TDS RATES FOR RESIDENT OF INDIA TDS and Nature of Payment Up to 1 3 .05.2020 Amended w.e.f. 14.05.2020 Section 193 Interest on Securities   10%   7.5% Section 194 Dividend other than Section 115-O) ...