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Application for refund of tax, interest, penalty, fees or any other amount.- (1) Any person, except the persons covered under notification issued under section 55 UN, Embassy claiming refund of any tax, interest, penalty, fees or any other amount paid by him, other than refund of integrated tax paid on goods exported out of India, […]
Read MoreMaximum Time to file Refund application :- UNO/MFN/ EMBASSY MAY CLAIM REFUND before the expiry of six months from the last day of the quarter in which such supply was received Rule 95 :– (1) Any person eligible to claim refund of tax paid by him on his inward supplies as per notification issued section 55 […]
Read MoreRefund of integrated tax paid on goods exported out of India.- (1) The shipping bill filed by an exporter shall be deemed to be an application for refund of integrated tax paid on the goods exported out of India and such application shall be deemed to have been filed only when:- (a) the person in […]
Read MoreREFUND UNDER GST (1) “refund” includes a. refund of tax paid on zero-rated supplies of goods or services or both on inputs or b. Input services used in making such zero-rated supplies, or c. refund of tax on the supply of goods regarded as deemed exports, or d. refund of unutilised input tax credit as […]
Read More2 (5) “export of goods” with its grammatical variations and cognate expressions, means taking goods out of India to a place outside India; 2 (6) “export of services” means the supply of any service when,–– (i) the supplier of service is located in India; (ii) the recipient of service is located outside India; (iii) the […]
Read MoreGST simplify the procedure relating to factory stuffing hitherto carried out under the supervision of Central Excise officers. With the Introduction of GST , Govt provide three type of process for the purpose of export of Goods as well as services , detail as follows :- 1. Export of Goods and services under Letter of […]
Read MoreIMPORT PROCEDURE UNDER GST Meaning of Import:- 2(10) ‘‘import of goods” with its grammatical variations and cognate expressions, means bringing goods into India from a place outside India; 2 (11) ‘‘import of services” means the supply of any service, where–– (i) the supplier of service is located outside India; (ii) the recipient of service is […]
Read MoreSome unique Pros or Cons of GST : Pros 1.ITC is available on all business items except food,hotel outside registered location of assessee,Car,Office building construction and repair. 2.ITC on capital goods is allowed 100% in same month. 3 matching of tax paid with purchase credit -helpful move to detect Tax mafias. 4.Eway bill-complete tracking of […]
Read MoreCBDT has issued draft New IT Rule 39A/ Form 28AA meant for Intimation/ Self-reporting of Estimated Income, Advance Tax Liability and Payment thereof by Companies and Tax Audit Cases, Draft_Notification-Rule-39A-19-9-2017 is as follows It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain […]
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