Refund on Account of Export of Goods

Refund on Account of Export of Goods - With Payment of Tax

Eligibility:

File GSTR-3B of the relevant tax period for which refund is to be sought.
File GSTR-1, providing export details in Table 6A of GSTR1 along with shipping bill details and having integrated tax levied.

Claiming of Refund:

NO separate refund application required, shipping bill itself shall be considered as refund application.

Processing of Refund:

Export data as filed in GSTR1 (Table 6A) after validated with GSTR 3B will be shared with ICEGATE.
Customs validate GSTR 1 data with their shipping bill and EGM data.
On sucessful matching of data refund will be processed.
Once the refund payment credited to the account of the tax payers -> ICEGATE system shares the payment information with the GST Portal -> GST portal inform the tax payer through SMS and e-mail

Further Clarification regading Refund:

Contact corresponding ICEGATE jurisdictional officials.

Bank Account for Refund:

The refund amount will be credited in the bank account maintained with the ICEGATE/Customs.

CA.R.Jeyarajan FCA., CISA., Cert.IFRS

E-Mail: jeyarajan@rareassociates.in

Comments

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 ...

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...

PRESS RELEASE OF 38TH GST COUNCIL MEETING

In the 38th Meeting of the GST Council held on 18.12.2019, the GST council recommended the following: 1. Grievance Redressal Committees (GRC) will be constituted at Zonal /state level with both CGST and SGST officiers and including representatives of trade and industry and other GST stakeholders ( GST practioners and GSTN etc.). these committees will address grievances of soecific /general nature of taxpayers at Zonal/state level. 2. Due date for annual return in FORM GSTR-9 and reconcillation statement in FORM GSTR-9C for F.Y 2017-18 to be extended to 31.01.2020 3. Following measures would be taken to improve filing of FORM GSTR-1 (i) waiver of late fees to be given to all taxpayers in respect of all pending FORM GSTR-1 from July 2017 to November 2019 if the same are filed by 10.01.2020 (ii) E Way Bill for taxpayers who have not filed their FORM GSTR-1 for two tax periods shall be blocked. 4. Input tax credit to the recipient in respect of invoices or debit notes that ...

R A R E And ASSOCIATES_Tuticorin

Search This Blog