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GST Committee Report on Refunds
Start Date :
Oct 12, 2015
Last Date :
Nov 16, 2015
00:00 AM IST (GMT +5.30 Hrs)
The Government of India intends to introduce the Goods and Services Tax (GST) in the country at the earliest. GST seeks to subsume many indirect taxes at the Central and State ...
#GSTRefunds
Goods & Service Tax: Clarification required on various issues under Refund Processes on GST
NASSCOM submission on Joint committee report - GST refunds
Rate of Tax on Services is more than that of goods. Which will result in a situation where Input GST (Goods+Service) is more than Output GST(goods+service). As per the business process the excess credit will be carry forward to the subsequent year for adjustment. If this carry forward is prolonged then the working capital cost will increase. On the other hand if GST credit on services is not taken then the pricing will become uncompetitive. Hence for excess input option for refund to be allowed.
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How the refunds pending in different states would be impacted on account of ongoing statewise litigations and assessments ?? Need clarification..
Good to note the magnitude of the proposed automated process but need to keep in mind the current IT levels of the State authorities and their ability to manage change
#GST_Refunds
#GSTRefunds
#GSTRefunds: for general comments. In case of exporters duty free sourcing allowed. BRC should not be pre-condition for refund.Refund for Excess payment/Wrong mention under Additional Tax also be allowed. Their should either be no minimum amount limit for refund as said of 500-1000 per case or else for demand of any tax also same minimum limit should be adhered. Rate of Interest on refund be same as asked from taxpayer on tax dues, 6% interest is very less of refund, minimum 9%.