GST Refund - Page 5

CBIC clarified certain issues related to refund under GST

The CBIC issued Circular No. 135/05/2020-GST dated March 31, 2020 after receiving various representations seeking clarification on some of the issues relating to GST refunds: 1. Bunching of refund claims across Financial Years: – Issue: The restriction on clubbing of tax periods across different financial years was put in vide pa...

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Refund Under GST Upto Date 31-03-2020– Detailed Analysis

Article contains relevant sections, rules, circulars and gist of Circular No. 135/05/2020-GST Dated 31/03/2020 issued in regard of filing and processing of refund electronically. Refund is very important term under the GST for the person who is eligible to claim the refund and for the GST Authority who issues the refund order. Both perso...

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Issues arising from GST Refund related Circular No. 135/05/2020

Article analyses Issues arising from Refund related GST Circular No. 135/05/2020 dated 31-03-2020 issued by CBIC- 1. Bunching of Financial years has been allowed for the purpose of claiming refunds. Now this may result in assessee having applied for lesser refund as compared to refund actually admissible as per Circular. However, this Cir...

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Clarifications on refund related issues – Circular 135/05/2020-GST

CBEC has issued Circular No. 135/05/2020-GST dated 31/03/2020 clarifying certain confusions under refund of GST. The summary of same reproduced below: 1. Bunching of refund claims across Financial Years: Vide circular No 125/44/2019-GST dated 18.11.2019, claiming refund by bunching across different Financial years was restricted. As per t...

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Clubbing of GST Refund Claim across Financial Years is Permissible

Need for clubbing of refund claim across financial years arises while claiming refund of  Input Tax Credit for exports, It is possible that input tax credit may be received in a month while exports may be made in subsequent month....

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CBIC Clarification on GST refund related issues

Circular 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 paid on supplies other than zero rated ...

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Advisory on Tracking GST Refund Application Status

GSTN Issued Advisory on Tracking GST Refund Application Status on the GST Portal and PFMS portal Initially, the functionality to track the status of GST refund application has been available on the GST common portal at only. Now, the Public Financial Management System (PFMS) of the Controller General of Accounts (CGA) has a...

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How to Track GST Refund Application Status on GST & PFMS portal

The functionality to track the status of refund application has been available on the GST portal. By utilising this functionality, the taxpayers can know the stage at which the refund application is pending with the tax-officer/ taxpayer....

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When GST Refund not available for Exporters

Under section 16 of IGST Act 2017, exports are considered as zero rated supplies. Zero rated supplies means where the GST burden on both inputs and outputs is zero. This is mainly to make Indian Goods and Services competitive in the international market. GST Act has prescribed ways to achieve this mainly. 1. Export of […]...

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SOP to be followed by Exporters for Refunds

For Exporter, refund of GST is available under Section 54 of CGST and SGST Act. Refund is available in following cases  1) IGST paid on Zero rated supplies 2) Tax paid on inputs for Zero rated supplies (Export supplies) 3) Inverted Duty Structure 4) If taxable person has paid excess tax by mistake 5) Excess […]...

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May 2020