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Refund under GST for Tax and ITC

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...

Debit Note & Credit Note under GST

Sometime the Goods or services which are supplied by a registered taxpayers are returned by the purchaser due to certain reasons like deficient value or quantity. As a result, taxpayers get confused in these types of transactions w.r.t to GST treatment . For such transactions the GST laws has the provision of Debit and Credit Notes. For the removal of confusion or better understanding we have explained about the credit and debit notes in detailed manner and in tabular form. Particulars Credit Note Debit Note Section Section 34(1) of CGST Act, 2017 Section 34(3) of CGST Act, 2017 Meaning Where a tax invoice issued for supply of any goods or services or both and the following situation occurs: Value of tax charged in the tax invoice is found to exceed the taxable value or tax payable; or Where the goods are returned by the recipient; or Where the goods or services or bo...

Section 9(4) of CGST, RCM in case of purchase from unregistered supplier

Will RCM be applicable in case of Purchase from unregistered supplier? As you might be aware that, as per Section 9(4) of CGST Act, 2017 , RCM is to be paid in case of intra-state purchase from unregistered supplier was suspended till 31 st March 2019 through different notifications which have been issued by the government from time to time. After a long gap, Sub-section (4) of Section 9 of CGST Act 2017 vide NotificationNo. 07/2019- Central Tax (Rate) has been effective from 01 st April, 2019 and will be applicable on “Promoters” only for the specified supplies. Before discussing the same, let’s briefly discuss about Section 9(4) of CGST Act, 2017 which was amended in Central Goods and Service Tax (Amendment) Act, 2018 “The Government may, on the recommendations of the Council, by notification, specify a class of registered persons who shall, in respect of supply of specified categories of goods or services or both received from an unregistered supplier, pay the tax on re...