What is Goods and Service Tax (GST)
GST, frequently asked Questions
REFUND ON ACCOUNT OF YEAR END OR VOLUME BASED INCENTIVES PROVIDED BY THE SUPPLIER THROUGH C REDIT NOTES
It is noted that suppliers are allowing year end or volume based discounts through credit notes. Such practice is being misused by the trade where the downstream dealers show negative value-additions. Some States have placed restrictions on such ITC. It is felt that the GST Law may provide for suitable provisions in this regard as provisions for such discounts is a trade practice and will have to be permitted in the GST regime. The following procedure is recommended:
i) The refund would be granted on submission of a simple application along with a Chartered Accountant’s Certificate certifying the fact of non-passing of the GST burden by the taxpayer, being claimed as refund. The GST Law Drafting Committee may prescribe a threshold amount below which self-certification (instead of CA Certificate) would be sufficient.
ii) In such cases, the eligibility for ITC at the buyer’s end and the output liability at the supplier’s end will get simultaneously reduced / adjusted on the basis of credit notes issued by the supplier and the corresponding debit notes issued by the buyers.
iii) This would also obviate the need for resorting to provisional assessment presently provided in Central Law and discussed in para (C) above.
iv) The GST Law may contain suitable provision to this effect and the GSTN should have suitable validations to this effect. The validation should include matching of credit and debit notes and reversal of the reduction of the output tax liability in case of the mismatch.
v) The refund may be on account of CGST, SGST or IGST as the case may be.
Click here to know GST rate on Goods and Services
GST Exemption list of goods and services
Find HSN number or Service tariff code for GST
GST registration guidelines
Indian GST Laws
How to export your goods?
How to get GST refund amount sanctioned
Are there any minimum amount fixed under GST refund?
How long will take to get refund of GST
How many copies to be submitted for refund of GST
Proof of receipt of GST refund application
Documents required to claim refund of GST tax
Time period to file for GST refund
GST refund forms
GST refunds to International Tourists
Refund of GST on year end or volume based incentives
Refund of GST on carry forward input tax credit
Refund of GST on tax credit on inputs
Refund of GST to CSD canteens, para military forces canteen etc
Refund of GST tax on deposit under investigation
Refund of amount deposited for GST appeal
Finalization of provisional assessment under Goods and Service Tax refunds
Refund of GST tax on excess payment due to mistake or inadvertentce
When does GST tax to be refunded?
GST refund for deemed exporters
Documents required for GST refund for service exporters
Verification of documents for refund of GST to exporters
Refund of GST to Exporter, Documents required to be enclosed
Process of GST refund to Exporter
How to get refund of GST tax paid by an Exporter?
What is GST Tax rate for Exports
GST and Exports, how is taxes reimbursed on Exports?
Adjustment of GST refund amount
Does GST refund amount attract interest?
Terms of Payment in Export and Import
Terms Used in Marine Insurance
The difference between FCA and CIP terms
The formalities to sell / auction unclaimed or un-cleared goods
The legal strength of Bill of Exchange in International Trade. What is Bill of Exchange in International Trade.
The role of bill of exchange in import export business
The role of CBEC - Central Board of Excise and Customs in India.
The role of Export Inspection Agency in Pre-shipment Inspection & Quality Control
The role of Reserve Bank of India
The Role of the International Chamber of Commerce (ICC)
The term FCL. What is FCL means
The term LCL. What does LCL mean?
Tips to exporters on Documentation
How does a Running bond work?
How does Bill of Lading work in DP payment terms?
How does Bill of Lading work in Sight LC
How does CENVAT Credit work?
How does CFR term of delivery work in Export Import business
How does comprehensive policy of ECGC work for exporters?
Top 137 Airline names and their websites worldwide
Toxic Substances control Act (TSCA) certification
Transferability of Bill of Lading
Transhipment - A redefinition