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Venkatanarayana Gm

Latest Posts by Venkatanarayana Gm

GST refund related clarifications in 50th GST council meeting

July 21, 2023 1656 Views 0 comment Print

Explore the crucial clarifications on GST refunds from the 50th GST Council meeting. Navigate updates on accumulated input tax credit, undertaking in FORM RFD 01, and determination of adjusted total turnover. Gain insights into admissibility of refunds for exporters complying with rule 96A. Stay informed on the latest developments to streamline your GST refund claims.

Recent updates in GST Refund- May 2021

May 28, 2021 28164 Views 18 comments Print

The Central Board of Indirect Taxes & Customs (CBIC) has introduced few amendments vide Notification No. 15/2021 – Central Tax dated 18.05.2021 in the CGST Rules relating to refunds which have been discussed below: ♦ Exclusion of the period between the date of filing of refund application to the date of issuance of deficiency memo […]

GST refunds – FEMA perspective

May 8, 2021 17634 Views 1 comment Print

Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT, from time to time. We are aware that, for […]

Summary of Indirect Tax Updates in Finance Bill 2021

February 3, 2021 14442 Views 0 comment Print

Key Highlights: ✓ Extension of scope of supply ✓ Legal validity of Rule 36(4) ✓ Removal of GST Audit ✓ Int on net tax liability from 01st July 2017 ✓ Customs Updates CHANGES IN GST 1. Retrospective amendment to include activities by an association to its members (Clause 99 and 113 of Finance Bill, 2021) […]

Overview of RoDTEP scheme

January 22, 2021 53562 Views 26 comments Print

Remission of Duties and Taxes on Exported Products (RoDTEP) Remission of Duties and Taxes on Exported Products (RoDTEP) is a new scheme launched by the government to replace the existing MEIS scheme for exports of goods from India. RoDTEP Scheme, to benefit the exporters in place of MEIS was announced vide press release dated 31-Dec-2020, […]

Is refund of waived late fee under GST possible?

July 9, 2020 35478 Views 6 comments Print

The waiver of late fee has become a hot topic on social media now. Twitter is flooded with tweets to waive of the late fee on late filing of GSTR 3B from the inception of law. Recently, GST Council has released a press note stating that the “Issue of GST late fee for the past […]

GST refunds a need for a pandemic situation- Issues & Solutions

May 20, 2020 6231 Views 0 comment Print

Let us now understand some of the issues under GST refund where the authority has gone beyond the delegated powers to provide the restriction to claim the GST refund.

Drawback on deemed supplies under FTP

November 21, 2019 8682 Views 0 comment Print

In the present policy, the physical exports wherein goods move out of India are eligible for drawback and MEIS benefits. The deemed exports such as removal of goods to advance license holders / EOUs are eligible for duty drawback, refund of terminal excise duty for specified excisable goods and for advance license on annual basis.

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