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Good news has come for the taxpayers because Infosys is going to develop a new income tax filing system at the cost of Rs 4,241.97 crores said the government that will help to decrease the processing time for returns from 63 days to one day and expedite refunds.
The Commerce minister Suresh Prabhu on Wednesday made an appeal to the Finance Ministry that the process of refund of GST input tax credit should be made online.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
In a tackling situation for the members of the Jalandhar-based rubber goods industry, they are thinking of approaching the GST (Goods and Services Tax) council as they are not getting a GST refund.
Ocean Freight transport is defined as the process through which merchandise goods and cargo and commodities are transported through shipways via shipping lines.
The drawback of the input duty refund under the duty drawback scheme is that it is lower as compared to last year’s IGST refund as claimed by the exporters which further noted by the Commerce Ministry.
An awareness seminar was conducted on foreign trade policy which advised businesses to be very much careful while filing GST returns as the error-prone data was the main reason for non-refund of taxes.
It will be accounted as the last chance to rectify or correct any errors in the bill or GST return filing as 20th September is the last date for correction of all the errors including of missed claiming of ITC.
Recently the exporters charged allegation against the government for not clearing GST refund claims of around 22,000 crores as the finance ministry itself dismissed the facts stating them exaggerated and inaccurate.
