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The industry has asked that interest be paid on the inappropriate input tax credit, which was profited however not used under the goods and service tax (GST) administration, be returned. Meanwhile, in the recent meeting, the GST Council liberated these credits from interest rates from July 1, 2017, when GST was entered. Although, it did […]
The Central Board of Indirect Taxes and Customs (CBIC) has stated the Central Goods and Services Tax ( Eighth Amendment) Rules, 2021 which decree Aadhaar authentication for Registered persons for filing of an application for abandonment or cancellation of registration, reimbursement of application. The CBIC placed Rule 10B in order to Aadhar authentication for a […]
The refund shall be furnished to the credit that collects on inputs beneath the inverted duty for the GST regime said Supreme court. As per the order, the Madras High court placed it alongside the order of the Gujarat high court. The appeal has been acknowledged which the GST department urged to go through again […]
Interestingly the name itself Inverted Duty Refund as per GST is synonymous with its meaning. Long story short, the Inverted Duty structure is a mechanism wherein the rate of the tax on the inputs is greater than the rate of the tax on the output supplies. Consequently, in the aforesaid cases. The input tax credit […]
Worth mentioning that to put an end to the pending disputed GST refund-related claims and for lessening future disputes, the Government does not need to introduce structural changes or make amendments in the tax law. For facilitating the taxpayers, the government needs to introduce a hassle-free mechanism. And an apt refund mechanism is a prerequisite […]
The Central Board of Indirect Taxes and Customs (CBIC) has relaxed the mechanism of GST refund provisions that includes within its purview providing the choice to taxpayers to withdraw the application. It has further amended GST rules and consequentially has excluded the time horizon from the date of filing of GST refund the application to […]
A special drive has been launched by The Central Board of Indirect Taxes and Customs (CBIC) for clearing all the pending GST refunds by the end of this month. This is a 15-day GST refund drive which is in parallel to the similar drive that has been launched by CBIC for the purpose of refunding […]
The Goods and Service Tax Network (GSTN) allowed the opportunity to withdraw zero Refund applications on the Goods and Service Tax (GST) portal. A zero refund claim has been furnished through various enrolled individuals towards the particular duration from GST RFD-01A/RFD-01 on a common portal. Numerous of them have furnished it without any intention even […]
The Central Board of Indirect Taxes & Customs (CBIC) through a circular has notified that it plans to extend the Sanction for pending IGST refund claims, which are pending due to a mismatch in the data of GSTR-1 and GSTR-3B. Over the past month or so, the Board has received multiple reports of instances where […]
