OVERVIEW OF REFUND UNDER GST

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RFD-01/RFD-01A:-

•           Any taxpayer can file for refund in Form RFD-01/ RFD-01A.

•           Refund will be issued only when refund exceeds Rs. 1,000

•           RFD-01 is an application for online processing of refund under GST.

•           RFD-01A is the application form for refund form under GST for manual processing.

Steps to file refund application:-

•           Login to GST portal.

•           Select the Refund tab-> Application for Refund Option.

•           Select the type of refund and Fill the necessary details and submit. ARN number gets generated.

•           Later take a print out along with the ARN number mentioned thereon.

•           Submit this along with the applicable annexures to the respective Jurisdictional GST officer.

Certificate for GST Refund:-

If a GST refund claim is less than Rs. 2 Lakhs, then a self-declaration of the applicant must be submitted to the effect that the incidence of tax has not been passed to any other person along with other documents as listed.

For GST refund claims exceeding Rs. 2 Lakhs, a certificate from a Chartered Accountant/ Cost Accountant must be submitted along with the documents.

Time Limit for Filing GST Refund Request:-

Under GST, all GST refund claims must be filed within 2 years from the relevant date. If the claim is in order, the refund has to be sanctioned within a period of 60 days from the date of receipt of the claim.

GST REGISTRATION OVERVIEW

WANT TO GET GST REGISTRATION? GET YOU REGISTRATION IN ASSURED MINIMUM TIME & COST.

New Threshold limit for GST Registration-32nd GST Council Meeting

Every Person shall be liable for registration under this Act in the State or Union Territory, other than special category states, from where he makes a taxable supply of services or mixed supply if his aggregate turnover in a financial year exceeds twenty lakh rupees.

AND any person, who is engaged in the exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees,

Person making a taxable supply of goods or services or both in from a special category states shall be liable for registration if his aggregate turnover in a financial year exceeds ten lakh rupees.

Particular Threshold Limit
Exclusively dealing in goods 40L
Exclusively Services 20L
Mixed Supply 20L
In case of special category state 10L

Who is liable to get mandatory registration?

  • When a business which is registered has been transferred to someone/demerged, the transferee shall take registration with effect from the date of transfer.
  • Anyone who drives inter-state supply of goods
  • Casual taxable person
  • Non-Resident taxable person
  • Agents of a supplier
  • Those paying tax under the reverse charge mechanism
  • Input service distributor
  • E-commerce operator or aggregator*
  • Person who supplies through such e-commerce aggregator who is require to collect tax under section 52.
  • Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

In case you are not covered in above criteria, you can also take Voluntary registration.

we suggest you to opt voluntarily GST registration because:

*You will not get any tax refunds on purchases (e.g. if you buy goods worth Rs 1 lakh  in a year, and tax rate is 28% – you will lose tax refund of Rs. 28,000).

*You cannot sell outside your state.



NEW ITR FORMS FOR FY2018-19 & AY2019-20

The new ITR forms are notified by Income Tax department for FY2018-19 & AY2019-20.

The due date of filing income tax return for FY2018-19 for individuals, HUF, BOI, AOP (taxpayers with no audit requirement) is 31st July, 2019 and in any other case the due date is 30th September, 2019. In case of applicability of transfer pricing the due date is 30th November, 2019.

Some Interesting changes in ITR Forms are given below:-

  • The tax department has stopped investors of unlisted companies and directors from filling ITR with Sahaj and Sugam Forms.
  • Taxpayers having agriculture income need to file return with details of name of the district where he owns the land and the PIN. They will also have to share details of the ownership of the land.
  • Those getting money in the form of donation would have to give details of the name of donors, their address and PAN.
  • In the new ITR forms, those filling ITR-3 and ITR-6(companies) will have to disclose information regarding turnover/gross receipts reported for Goods and Services Tax. Last year it was applicable only for those assessees filling ITR-4.
  • It is now mandatory for every taxpayer (except super senior citizen) to file the return electronically. The option available to a taxpayer, whose income was below Rs 5 lakh during the previous year, to file the physical return has been withdrawn. For the AY 2019-20, every taxpayer will need to file the income-tax return electronically except a super senior citizen (whose age is 80 years or above during the previous year 2018-19)
  • In new ITR forms, besides specifying the residential status — resident, resident but not ordinarily resident, or non-resident — the assessee is now required to provide additional information with respect to his residential status, such as, the number of days stayed in India, and jurisdiction of his residence and tax identification number in case he is a non-resident.