ICAI issued E- Publication on Refund under GST:
Indirect Tax Committee of ICAI has issued E- Publication on Refund under GST. Indirect Tax Committee on Behalf of Institute of Chartered Accountant of India has issued E- Publication on Refund under GST.
The refunds in GST are mainly related to: refund of tax paid on exports, refund of accumulated credit, zero rated, inverted duty structure and refund of wrongly paid tax on fulfillment of certain conditions.
Considering GST Refund’s paramount importance Indirect Taxes Committee of ICAI has come out with this E-publication on Refunds under GST. This is a guide wherein the provisions of GST related to refund have been dealt with. The various Export incentive schemes are also discussed in detail, which would help the readers in understanding various aspects of export transaction with respect to GST. Surely this guide will be a useful resource material for industry/ professionals as well as revenue officers.
Under taxation parlance, refund means, any amount returned by the Government that was either paid in excess or was not exigible to tax. Refund of tax is the most delightful provision of any Taxation Law. GST was implemented from 1st July 2017 which subsumed all the indirect taxes that businesses earlier paid to the Centre and States separately, with the aim of creating a common market. It involved a complete overhaul of the existing indirect tax system.
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