GST Refund

The Central Board of Indirect Taxes and Customs (CBIC) recently announced that 90 per cent of GST refunds will now be released upfront for low-risk taxpayers

Net GST collections had risen 10.7 per cent in August, aided by a 20 per cent decline in refunds during the month

Para 4.26(ii) of FTP says that 'merchant exporter shall be required to mention name and address of supporting manufacturer of the export product on the export document viz. Shipping Bill/ Bill of Expo

Today's pieces look at the available space for more rate cuts, the sorry state of tribunals, why GST reforms are not really that, and how India can harness its vast non-export MSME sector

We are losing touch with the soul of the indirect tax

GST reforms are set to accelerate India's co-working sector growth by reducing construction material costs, improving cash flow, & supporting demand from start-ups & enterprises, say industry experts

From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet

Dr Reddy's Laboratories on Tuesday expressed hope that the new GST structure will take care of existing challenges and aid in ushering a rationalised, industry-friendly tax framework for the pharmaceutical industry. For an extended period, the pharmaceutical sector has faced structural challenges, including higher GST rates and an inverted duty structure, which have impacted the cost efficiency of domestic manufacturing and the affordability of medicines, Dr Reddy's Laboratories Chairman Satish Reddy said in a statement. "We are optimistic that the forthcoming reforms will address these critical concerns and introduce a rationalised, industry-friendly tax framework," he noted. Such measures will significantly improve the affordability and accessibility of essential medicines for every citizen, while also enhancing the global competitiveness and innovation capacity of the Indian pharmaceutical industry, Reddy said. The industry remains fully committed to working in close partnership

S&P Global Ratings analysts say that the GST rationalisation reforms could boost India's fiscal revenues over the long term due to simpler implementation and clearer accounting processes

If your claim is in order, refund amount will be processed and credited directly to your bank account

Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam

Business units in Dharavi will be able to enjoy a slew of benefits, including State GST refunds, once the redevelopment of the financial capital's largest slum is complete. The Dharavi Redevelopment Project (DRP), a joint venture between Adani Group and the Maharashtra government, on Monday said this is a move to formalize local businesses and the tax sops are as per the tender conditions for the ambitious project. In a statement, DRP said eligible industrial and commercial units in redeveloped Dharavi will get SGST refunds for five years from the date of receipt of occupation certificate of the newly constructed buildings. A DRP spokesperson said the multi-thousand crore redevelopment project is set to transform the informal nature of businesses and added that the tax benefits will help both existing and new businesses become more competitive. SGST will be reimbursed by the state government's finance department and the business units will have to provide SGST payment details as pr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Union Finance Minister Nirmala Sitharaman on Monday said GST claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals. She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years. The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said. "If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour. From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said. "We are up to date on all claims that came from sta

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

The telecom operator claimed that it had paid an excess GST for July-September, 2017 and wanted to rectify its relevant returns for that period to get the refund

Compensation cess issue to be discussed in July meeting, Correction of inverted duty structure for textiles deferred

Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit