Income Tax - There is no ambiguity that for every taxpayer provision related to refunds are always most favourite under any Act and GST Act is no different. In fact, every organization designs their business process in such a manner so as to make optimum utilization of the refund provisions With the help of this article, we shall […]...
Read MoreIncome Tax - Article analyses Changes in Refund Process vide Circular No. 135/05/2020 dated 31-03-2020 issued by CBIC- 1. Bunching of refund claims across Financial Years: – The restriction on clubbing of tax periods across different financial years was put in vide para 11.2 of the Circular No. 37/11/2018-GST dated 15.03.2018. The said circular was...
Read MoreIncome Tax - The board has issued circular no.135/05/2020 dated 31st March 2020 (herein referred as “impugned circular”) to resolve the issues faced by the taxpayers applying for refund and has tried to redress them Let`s analyse the 5 issues, the clarification and its validity in this article: – 1. Clarification on clubbing of months of dif...
Read MoreIncome Tax - The Central Board of Indirect Taxes and Customs (CBIC) had issued Master Circular on Refunds No. 125/44/2019-GST dated 18.11.2019 rescinding all earlier circulars. Recently CBIC has issued Circular and brought amendment to CGST Rules, 2017 to bring major changes for claiming refund under GST. It include submission of additional details, r...
Read MoreIncome Tax - Section 16 of IGST Act 2017 deals with Refund and Rule 89 explains the procedural and calculation of Refund. Sub rule (4) of Rule 89 explains the formula for calculation of Refund under Zero rated supplies without payment of tax. The formula for calculation of refund under Zero rated supply without payment of tax is […]...
Read MoreIncome Tax - A large number of proprietorship / partnership firms registered with Gautam Buddha Nagar and other Commissionerates of Delhi NCR which were apparently connected and had claimed huge amount of refunds against accumulated Input Tax Credit (ITC) on account of inverted tax structure and Zero-rated supply of Goods were identified....
Read MoreIncome Tax - DGGI (Hqrs.) booked a case on 06.03.2020 against M/s Aastha Apparels Pvt Ltd & others. Aforesaid companies have fraudulently claimed IGST refunds on export of goods to the tune of more than Rs. 61 Crores....
Read MoreIncome Tax - Tax Bar Association has made a representation Regarding the problems faced by the members of Tax Bar Association, Bhilwara in the work of GST Refund. Problems includes unprofessional attitude of person in charge of GST Refund, Delay in GST Refund Process and Centralised System Of Authority To Approved GST Refund. Tax Bar Association BHILW...
Read MoreIncome Tax - Taxpayers while filing refund application will now be given an alert, if they wish to file NIL refund application or not, so that they do not inadvertently file NIL refund claim. It may be noted that once refund is filed, taxpayers can’t change the particulars of the refund application, even if they have some refund […]...
Read MoreIncome Tax - Exporters have already been paid IGST refund of over Rs.1.12 lakh Crores and over 83,500 exporters have been benefited by these refunds. This shows that the government’s efforts to fast track refunds under GST especially to exporters are yielding results. Refunds of only Rs. 3,604 Crores are pending with Customs and out of about 185,000...
Read MoreGokul Agro Resources Ltd. Vs Union of India (Gujarat High Court) - Gokul Agro Resources Ltd. Vs Union of India (Gujarat High Court) In the given case the HC have reached to the conclusion that no tax is leviable under the Integrated Goods and Services Tax Act, 2017, on the ocean freight for the services provided by a person located in a non-taxable territory by way...
Read MoreRed Coin Paper Product Vs Deputy Commissioner of State Tax (Gujarat High Court) - Red Coin Paper Product Vs Deputy Commissioner of State Tax (Gujarat High Court) According to the writ applicant, the inaction on the part of the authority in not granting credit of input tax credit to the electronic credit ledger even after rejection of the refund claimed for the period of May, 201...
Read MoreSales Tax Bar Association Vs Union of India (Delhi High Court) - The grievance of the petitioners is also that the statutory mechanism created for entertaining IGST refund claims is not being implemented, and that there are some inherent lacunas in the scheme formulated by the Respondents to process the refund claims....
Read MoreG NXT Power Corp Vs Union of India (Kerala High Court) - G NXT Power Corp Vs Union of India (Kerala High Court) After hearing the counsel on the adjustment, the Court has suggested refund of IGST after adjusting the higher rate of duty drawback availed by the petitioner without refunding IGST amount. The counsel have consented to disposing of the writ pet...
Read MoreSaraf Natural Stone Vs UOI (Gujarat High Court) - Saraf Natural Stone Vs UOI (Gujarat High Court) After implementation of GST, refund on exports got substantially delayed to most of the exporters resulting into blockage of working capital and harming the business of exporter community. In a recent Judgement delivered by The Hon’ble Gujarat High C...
Read More(Release ID: 1612291 - (08/04/2020) - IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit. All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs...
Read MoreCircular No. 135/05/2020-GST - (31/03/2020) - CBIC vide Circular No. 135/05/2020 – GST dated 31st March, 2020 issued Clarification on GST refund related issues which includes Bunching of refund claims across Financial Years, Refund of accumulated input tax credit (ITC) on account of reduction in GST Rate, Change in manner of refund of tax...
Read MoreTrade Circular No. 05 T of 2020 - (19/03/2020) - As you are aware, several cases of monetization of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of...
Read MorePress Release ID: 1606430 - (14/03/2020) - a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension ...
Read MoreCircular No. 125/44/2019 - GST - (18/11/2019) - After roll out of GST w.e.f. 01.07.2017, on account of the unavailability of electronic refund module on the common portal, a temporary mechanism had to be devised and implemented wherein applicants were required to file the refund application in FORM GST RFD-01A on the common portal, take a print o...
Read More(Release ID: 1612291 - (08/04/2020) -
Gokul Agro Resources Ltd. Vs Union of India (Gujarat High Court) -