Tax Updates
GST refund on inverted duty structure Inverted Duty Structure: – Inverted duty structure is a situation where in the inputs GST rate is more than the output or finished goods GST rate. For example in Type industry the GST rate on rubber type (output) is 5% and GST rate on natural rubber (inputs) is 10%. …
GST Refund Zero Rated supplies What is Zero Rated supply: – Zero rated supply is defined under section 16 of IGST act. According to section, all exports (whether of Goods or services or both) and supplies to SEZs (Special Economy Zone) have been defined as Zero Rated supplies. Now, let’s discuss in details on topic …
Refund Claim under GST GST Tax Refund means a refund of taxes by the Government that was paid by register person either in excess or was not liable to be taxed. Section 54 of the CGST Act, 2017, Section 77 of the CGST Act, 2017 and Rule 89(2) of CGST Rules, 2017 are the relevant …