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There is no uncertainty that for every taxpayer provision related to refunds are always most favorite under any Act and GST Act is no different. In fact, every association designs their business process in such a manner so as to make optimum use of the refund provisions
We are trying to provide the readers the ready reckoner and the significant points that should be kept in mind while filing refund applications incorporating all the important Sections, Rules and Circulars up to 31 March 2020 with the help of this article.
For the sake of easy understanding, we shall be discussing the refund provisions in the following manner:
There is no uncertainty that for every taxpayer provision related to refunds are always most favorite under any Act and GST Act is no different. In fact, every association designs their business process in such a manner so as to make optimum use of the refund provisions
We are trying to provide the readers the ready reckoner and the significant points that should be kept in mind while filing refund applications incorporating all the important Sections, Rules and Circulars up to 31 March 2020 with the help of this article.
GST refers to Goods and Services Tax which subsumes all taxes such as Sales tax, Service tax, Excise duty etc. into GST. GST registration is required primarily if your annual sales are more than Rs. 20 Lakh. Even if your sales are less than Rs. 20 Lakh, we suggest that you voluntarily opt for GST registration because:
If the determination of assessee goes wrong i.e. assessee has short paid any taxes or not paid any taxes or has wrong availed and utilized any input tax credit or has erroneously been refunded, then, under such circumstances demand would be raised by the GST officials by way of issuing GST notices - to be called as Show cause notices under taxation parlance.
Cancellation/Surrender of GST registration simply means that the taxpayer will not be a GST registered person any more. He will not have to pay or collect GST.
GST registration amendment maybe required in some cases, wherein wrong information about the taxable person under GST has been updated in the GST Portal. In this article, we look at the procedure for correcting mistakes in GST registration certificate.