Goods and Service Tax

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Clubbing of GST refund claims across two financial years is allowed
Blog
CA. Sachin Jindal

Clubbing of GST refund claims across two financial years is allowed

The refund of ITC is a key constituent of Goods and Service Tax (“GST”), and it is a pre-requisite for the department to ensure the smooth operation of the same to avoid any unnecessary increase in the cost of goods/services. However, various issues keep on evolving with the use of the system. The government has issued several GST Circulars to curb these issues. Department has received various representations seeking clarification on some issues related to refund under GST.  We are really pleased to share this with you as our efforts have finally brought the sigh of relief for the taxpayers

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Provisional GST Refund
Blog
CA. Kapil Mittal

Provisional GST Refund | GST RFD-04

In case of GST Refund, whenever a situation arises where refund amount can’t be ascertained precisely, then, the proper officer shall sanction refund amount on provisional basis.  1. Provisional GST Refund Where the proper officer has reasons to believe that due to irregularities in refund application, whole or part of the refund claim may face rejection. Then in such a case, the proper officer shall disburse refund on the provisional basis to the extent of 90% of the refundable amount*. However, the final refund shall be granted in accordance with provisions of Rule 92 of CGST Rules. Order of provisional

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letter of undertaking
Blog
CA. Sachin Jindal

All about Letter of undertaking(LUT) under GST

1. What is Letter of undertaking (LUT) Letter of Undertaking or LUT is an undertaking filed by an exporter of goods or service which permits him to export goods or services without payment of IGST subject to the condition that he will complete the process of export of goods or services within the prescribed time limit..  According to the Notification No. 37/2017 – Central Tax, it’s mandatory to file LUT for exporting goods or services or both without paying the IGST.  In case, an exporter fails to submit LUT the person needs to pay IGST or has to provide an

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Relief to Business under Corona Stress
Blog
CA. Sachin Jindal

COVID-19 Outbreak| 21 Days Lockdown| Statutory & Regulatory Relief till 30th June 2020

Entire world is fighting against epidemic COVID-19 outbreak and Hon’ble Prime Minister of India Mr. Narendra Damodardas Modi has taken much need precautionary step of complete lockdown from midnight 12’o clock of 24th March, 2020 onwards for next 21 days. In between various regular and financial year ended statutory and regulatory compliances are approaching and considering the situation, Hon’ble Finance Minister Mrs Nirmala Sitharaman held a press conference through video conferencing and announced various important reliefs measures taken by Government of India in the area of Income Tax, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code, Fisheries,

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GST Registration
Blog
CA. Sachin Jindal

Everything You Need to Know About GST Registration: Documents Required | Eligibility

Being a goods or service provider, it’s mandatory for you to register for GST in cases annual turnover exceeded the threshold limit specified for GST registration. Businesses failing to register under the GST regime will have to incur heavy fines and penalties.  Here we are going to talk about everything about the GST. Scroll through and learn everything. 1. What is GST Registration? The Goods and Service Tax (GST) applies to all Service providers, traders, and manufacturers etc. The list includes freelancers as well. Basically, GST subsumes a variety of central taxes (like Service Tax, CST, Excise Duty) and State

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39th GST Council Meeting
Blog
CA. Kapil Mittal

GST Updated | 39th GST Council Meeting | held on 14th March, 2020

Amendment under Goods and Service Tax (“GST”) law has been a constant process and considering issues and representation of industry, new changes are proposed in every GST Council meeting. 39th GST Council meeting held on 14th March, 2020, under chairmanship of hon’ble Finance Minister wherein following key changes were suggested: 1. Interest on net cash Liability In case of delayed payment of GST, whether interest is payable on net Cash liability or gross tax liability (i.e., including ITC) has been matter of dispute since long time and various legal precedents and departmental communications has clarified that taxpayer is liable to

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Electronic processing of GST Refund
Blog
CA. Sachin Jindal

Complete Electronic processing of GST Refund under GST

Digitalization has become a key agenda in the GST department; And the government is taking every step to increase the digitalization of every process and reducing human intervention including the GST refund procedure. To accomplish this objective, Refund under Good and Service Tax (“GST”) has been made completely electronic with effect from 26th September 2019 with no requirement of manual submission of any document with GST refund application.  Central Board of Indirect Taxes and Customs (“CBIC” or “Department”) described complete procedure of electronic filing of GST refund application vide circular No. 125/44/2019-GST dated 18th November 2019 and also covered many

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gstr 1 return filing
Blog
CA. Vipin Tyagi

Quick Guide on GSTR-1 Return Filing: Essential Facts You Need to Know

GSTR-1 is a monthly/quarterly return that is required to be filed by every registered dealer in India. The GSTR-01 return contains details about outward supplies.  Based on your turnover, the due dates of filing GSTR-1 vary. Industries with aggregate turnover more than Rs. 1.5 crore, will have to file the GSTR-01 return on a monthly basis. However, businesses with aggregate turnover up to 1.5 crores have an option to file the return on quarterly basis..  1. Features of GSTR-1 Form All the registered taxpayers need to file the Form GSTR-1 to fill the sale details of their business irrespective of

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gst refund claim
Blog
CA. Sachin Jindal

GST Refund Claim for Any Period and for the one which spread through two financial years can be filled

Hon’ble Delhi High Court permitted GST refund claim to spread across two Financial years in case of exports In the matter of M/s Pitambra Books Private Limited vs Union of India Wide W.P. (C) No. 627/2020  On the 21st of January 2020, the Hon’ble Justice of Delhi High Court gave a remarkable verdict in the case of M/s Pitambra Books Private Limited where petitioner was in the manufacturing and export of books where the procurement of raw material and export was spread across the financial year.  Filing of GST refund claim across the financial year is restricted by Para 8

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Interest on GST Delayed Payments
Blog
CA. Sachin Jindal

Interest Payable on Gross GST Liability, as Declared in GSTR-3B: CBIC

Taxpayers are liable to pay interest on delay in the deposition of GST liability, as declared in GSTR-3B. Section 50 of the Central Goods and Service Tax Act, 2017 contains interest related provisions. However, whether interest is payable on the gross amount of GST liability or net amount of GST liability (i.e., after setting off ITC Balance) is still under dispute. On 10th February 2020, the CBIC (Central Board of Indirect Taxes and Custom) issued a notice (F. No. CBEC-20/16/07/2020- GST) regarding the amount of payable interest on Delayed Tax.  The CBIC has declared that the taxpayers, who have filed

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