Where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies, refund can be applied under Section 54 of the CGST Act, 2017 read with Rule 89 of the CGST Rules, 2017. Please advise how wiil we calculate the eligible refund amount in the following case wherein at the end of the tax period there is closing stock much higher than the sale of goods. For Example Information Pertaining to Inward Supplies Particulars Value Rate of GST GST Amount Inward supplies Rs 100…
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There is demerger of one undertaking (out of 3). Transferor co. paying Self assessment tax while filing pre-merger position return. Revised the return for post-merger position to be filed after receipt of NCLT order. While filing revised return, there is going to be a refund in the transferor company and tax to be paid additionally for the transferee company. We want to make use of the tax paid earlier by the Transferor company, (relating to the demerger undertaking) for the Transferee company so that no need to pay tax once again nor refund is claimed. What is the procedure to…
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Can I claim deductions and exemptions in return filed in response to notices u/s 148 of the Act even though I have not filed my original return u/s 139.
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IN CASE OF MINING INDUSTRIES (QUARRY BUSINESS), GST IS PAID ON RCM BASIS ON ROYALTY PAID TO GOVERNMENT FOR EXTRACTING MINERALS AT 18% AND AFTER PAYMENT ITC IS ALSO AVAILED IN GST RETURN. WHEREAS ALL SALES IS AT 5% LEADING TO ACCUMULATION OF ITC. Q1 - HOW TO CLAIM REFUND OF SUCH ACCUMULATED ITC MAINLY DUE TO RCM PAYMENT OF ROYALTY Q2 - WILL SUCH ITC AVAILED ON ROYALTY CLASSIFIED AS ITC ON INPUT SERVICE Q3 - THE SUPREME COURT HAS RECENTLY DISMISSED THE GUJARAT HC JUDGEMENT IN CASE OF VKC FOOTSTEPS INDIA - WHAT IS THE POSITION NOW. Q4…
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Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY's , their is refund n 4 AY's. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim.
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Calculation of refund amount in case of inverted duty rate under GST