Powerd By SAG INFOTECH
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For claiming refunds under GST, recently the government has observed that nearly 10,000 applications have been filed by exporters till November.
Nearly Rs 6,500 crores as refunds have been claimed by the exporters within four months of GST implementation. The government said that now exporters can file claims in the proper manner along with matching shipping bills to get refunds earlier.
Under the GST, the exports of taxable goods or services are treated as zero-rated supplies. It means that the suppliers will not have to pay any GST on any of their exports.
GST Network has informed the exporters about the refund filing mechanism and allowed them to furnish details on common GST portal in table 6A of GSTR-1 return form.
Vanaja N Sarna, Chairperson of Central Board of Excise and Customs (CBEC), said that the tax collected under the new tax regime is deviating from the expected figure and there are no targets in line to tweak the annual revenue goals.
The GSTN system handles the IT infrastructure for GST regime, is soon going to unveil an online application for claiming the refunds.
Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
It is necessary for a large corporate business to the small one to be updated and file the GST returns very carefully because it can lead to errors which can cost a penalty or money hold with electronic cash ledger.
The centre is over-viewing the GST structures for small business and may allow them to file the quarterly returns instead of monthly GST returns.
