Skip to main content

REFUND OF IGST PAID ON EXPORT OF GOODS OUT OF INDIA - COMMON ERRORS AND RECTIFICATION

  1.        The GST council in its 22nd meeting approved a major relief package for exporters.
  2.        Refund disbursed with effect from 10th October, 2017 for the export made in july 2017 where information (port code, shipping bill etc.,) in GSTR 1 and GSTR 3B is matching.
  3.       There are cases refund could not be done due to errors in EGM / GSTR 1 return / Shipping bill. The analysis of the common errors that are hindering the disbursal of IGST refund, and decisions taken to address such errors are as follows:

IGST refund for the exports of goods in the month of july, 2017:


     Errors
      Rectification
      Incorrect Shipping Bill number in GSTR1
      Amendment to be made in Table 9A of GSTR 1 in August 2017
     Invoice Number and IGST paid amount mismatch with shipping bill
     Ensure that correct data filled under both GST Act and Customs Act
       Export General Manifest  Error
   §   Mismatch of information in manifest
   §  Non filing / Manual Filing of EGM
   §  Ensure all shipping lines operating in ICD’s/Gateway  ports file EGM online.
   §  Non filing / Manual filing of shipping bills to be done in online for the month of July 2017 by October 2017
     Wrong Bank Account  given  to customs
    Exporters ensure that bank account to be get validated by PFMS and get their details corrected in EDI system.

IGST Refunds for the export of goods in the month of August, 2017:

o   File GSTR 1E (Table 6A of GSTR 1) online to claim refunds against exports made in August 2017.
o   Options provided to view the exporter shipping bill data online on ICEGATE website to ensure filing of GSTR1E without any error.

Precautions to be taken on filing GSTR 1E

o   GSTR 3B is filed for corresponding period, with admitted tax liability under Table 3.1(b)
o   Export invoices are submitted in GSTR 1 Table 6A, and have correct shipping bill number, shipping bill date and port number, invoice number and date as mentioned in the shipping bill
o   The admitted tax liability of IGST under table 3.1(b) = or > IGST  claimed under  GSTR 1 Table 6A of the corresponding period.
Labels:

Comments

Post a Comment

Popular posts from this blog

PRESS RELEASE 38TH GST COUNCIL MEETING - GST RATES CHANGES

GST Council in the 38th meeting held on 18th December, 2019 at New Delhi took following decisions relating to changes in GST rates, exemptions, - 1. To exempt upfront amount payable for long term lease of industrial/ financial infrastructure plots by an entity having 20% or more ownership of Central or State Government. Presently, the exemption is available to an entity having 50% or more ownership of Central or State Government. This change shall become effective from 1st January, 2020. 2. To levy a single rate of GST @ 28% on both State run and State authorized lottery. This change shall become effective from 1st March, 2020. 3. The Council also considered the rate of GST rate on Woven and Non-Woven Bags and sacks of polyethylene or polypropylene strips or the like , whether or not laminated, of a kind used for packing of goods ( HS code 3923/6305) in view of the requests received post the changes recommended on such goods in last meeting and recommended to raise the GST to a ...
Post a Comment
Read more

UNDERSTANDING YOUR CIBIL SCORE

What is the CIBIL Score? The CIBIL Score is a 3 digit numeric summary of your credit history. The Score is derived by using the details found in the “Accounts” and “Enquirers” sections on your Credit Information Report (CIR) and ranges from 300 to 900. The closer your Score is to 900, the more favorably your loan application will be viewed by a credit institution. The Score plays a critical role in the loan approval process. What does my score Mean? The score tells a credit institution how likely you are to pay back your loan based on your past pattern of credit usage and loan repayment behavior. The closer you are to 900, the more confidence the credit institution will have in your ability to repay the loan and hence better the chances of your application getting approved. What are the major factors that affect my score? There are 4 (Four) major factors that affect your score. These are described below. Late Payment or Defaults in the Recent Past: Your Payment hi...
Post a Comment
Read more

Implementation of automated clearance on All-India basis

The Central Board of Indirect Taxes & Customs vide Circular No. 15/2020-Customs dated 28 th February, 2020 has extended the facility of automated clearance of Bills of Entry to all customs formations where the Customs EDI system is operational, with effect from 05.03.2020 . The important features of the automated clearance are as follows:- The facility will only be for ICES locations where RMS is enabled and fully functional. All the Customs Compliance Verification (CCV) requirements under the Customs Act, rules, instructions etc will be done by the designated proper officer of Customs. The CCV would operate even while duty has not been paid or payment is under process. After completion of CCV, the proper officer of customs, on satisfaction that the goods are ready for clearance, will confirm the completion of the CCV for the particular Bill of Entry...
Post a Comment
Read more