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Procedure of disposal of Refund filed in present law under GST
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....rocedure of disposal of Refund filed in present law under GST<br> Query (Issue) Started By: - Narendra Soni Dated:- 8-8-2016 Last Reply Date:- 11-9-2016 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Dear experts In GST Act, procedure of disposal of Refund (excise/service tax/VAT) filed in present law is given below:- (i) The refund if allowed would accrue in cash under the earlier law,....
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.... viz., and would not be credited to the electronic credit ledger or electronic cash ledger. (ii) The refund if rejected, fully or partially would lapse, no credit will be allowed. Please suggest 1.The stage of rejection when the refund will be treated as 'rejected' i.e.rejected by Asst.Commir /DC or By Commr. (Appeal) or by Jt.Secretory or by HC/SC. 2.What will be for refund/rebate cla....
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....ims pending at Commr (Appeal) or by Jt.Secretory or by HC/SC, due to rejected by earlier authorities. Reply By Ganeshan Kalyani: The Reply: Sir, at the outset I would like to state that the designation of the authority would undergo change in GST. Further it is draft as of now, so commenting would tantamount to be futile. Thanks. Reply By KASTURI SETHI: The Reply: No need to go into depth at t....
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....his pre-mature stage a large number of changes will take place. errors may creep in. moreover, 16 States will play roles to protect their interests. Reply By YAGAY AND SUN: The Reply: Exemption from IGST/CGST/SGST on imported /domestic inputs used in exports: For the input used in the goods/services which are exported, the exporters would be eligible for refund of unutilized input tax credit. Wi....
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....th a view to ensure quick refund, 80% of the refund on account of exports of goods & services will be given expeditiously ,on provisional basis, while balance 20% will be refunded after due verification of documents. For the exporters, the facility of duty free imports/ procurement of inputs for exports should continue else it will lead to increasing requirement of working capital even for payment....
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.... of IGST /CGST/SGST. This will hit MSME as their cost of capital is quite high, blunting their competitive edge in exports .The exemption will not lead to any loss of revenue as in any case exporters will be entitled to refund which affect their liquidity. Reply By Ganeshan Kalyani: The Reply: Sir, 1) in my view the highest authority. 2) special team will be set up to tackle such issues. Thanks.....
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