Goods and Services Tax (GST) Implications on Bad Debts The question of how GST handles bad debts arises frequently. Specifically, it concerns whether GST paid on supplies that result in irrecoverable debts can be refunded to the supplier. Bad debts pose a significant challenge for suppliers, especially when the tax has been paid but the …
SITUATIONS WHICH LEAD TO A GST REFUND CLAIMS What’s the GST refund? GST refund situation arises when we paid GST is more than the GST liability raised, In the reference GST fund, the process of claiming a GST Refund is standardized to avoid confusion. The GST refund Mechanism is online & deadlines for GSt refund …
New GST refund procedure under the GST regime For GST REFUND: we have two scenario a) Export with payment of IGST: Form GST RFD-01/RFD-01A: GST export refund process will require the submission of the form RFD-01 (completely online) or RFD-01A (manual) in specific cases only. (1) Export of goods: In the case of export …
GSTN alerts taxpayers to beware of looking at similar websites and fake messages on GST Refund Kindly Pay attention to taxpayers! Goods and Service Tax Network issued an alert dated May 03, 2020, to taxpayers on fake messages on GST Refunds and to protect taxpayers from fake messages on GST Refunds. BEWARE of FRAUD https:/onlinefilingindia.in …
All you Know about documents required under the GST Refund System GST Refund System As the Goods and Services Tax or GST emerged, various refund schemes and processes were also set in place. Subsequently, several requests for compensation were made by taxpayers and a generic form was adopted. There might be a number of errors …
Goods and Services Tax is a new indirect tax system with new principal for example ‘place of supply’ & GST tax structures. Goods and Services Tax is apply in state in which services/goods are consumed i.e., GST is a consumption-based indirect tax. which can generate confusion in few situations. Post Refund Audit- Just Filing for …
GST – A REALITY SOON The 122ND Constitutional Amen tdment Bill for the introduction of Goods and Services Tax (GST) inhe Indian Constitution has been passed by the Rajya Sabha. The Bill has already passed by the Lower House (Lok Sabha) on 6th May 2015. Further, the Empowered Committee of the State Finance Ministers has …
GST Refunds Mechanism under Service Export Export refunds are often a subject matter of dispute and bone of contention between the exporter and the tax department in the context of indirect taxes in India. While the policy of the Government is to free exports from the burden of taxes, the tax administration often finds ways …