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Summary of Various Notifications issued on 01/05/2021 *CA AANKIT KUMAR JAIN,Mumbài* For Regular WhatsApp Updates, click here https://tiny.cc/74z4lz And save my number to receive the broadcast

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IMPORT AND EXPORT UNDER GST UNDERSTANDING IMPORTS AND EXPORTS UNDER GST

Practical GST Issues on Gems & Jewelry Industry

CA Aankit Kumar Jain - Technology Law , GST Law posted on LinkedIn Practical GST Issues in Gems & Jewelry Industry...

PMT 09 being made available on portal
This form can be filled to shift wrongly paid Input Tax Credit. This enables a registered taxpayer to transfer any amount of tax, interest, penalty, etc. that is available in the electronic cash ledger, to the appropriate tax or cess head under IGST, CGST and SGST in the electronic cash ledger.
Hence, if a taxpayer has wrongly paid CGST instead of SGST, he can now rectify the same using Form PMT-09 by reallocating the amount from the CGST head to the SGST head.

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Welcome *Circular No 137/07/2020* dated 13/04/2020 to reduce the hardship on the assesses. This circular needs to read with .N.No35/2020 which gives a general extension for the extension of due date. This gives clarification in regards to Claim of Refunds in general, in case of Advance received by the supplier and subsequently got cancelled, goods supplied and subsequently refunded. This circular also talks about TDS Due Date of Deposit and Return Filing as well as Export with Previous LUT Stay Connected on:
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Decoding Circular No 137/07/2020 dated 13/04/2020

Hi! I thought you might like to read my new article: Remuneration paid to directors by the company attracts GST on reverse charge basis - AAR No.RAJ/AAR/2019-20/33

Remuneration paid to directors by the company attracts GST on reverse charge basis - AAR No.RAJ/AAR/2019-20/33 APPLICANT NAME - CLAY CRAFT INDIA PVT. LTD.

*Summarising newly inserted Rule 96B*
It is a backdoor *recovery mechanism* of Refund Granted on *export of GOODS* in case of non-realisation of export proceeds.
Where any refund of unutilized ITC under LUT Mechanism or IGST Paid on Export of Goods has been refunded to an applicant, and
The sale proceeds in respect of the same has not been realised, in full or in part within the time limits including the extension, the said person, within 30 days of the said period or the extended period shall deposit the amount so refunded, to the extent of non-realisation of sale proceeds, along with applicable interest.
If the person fails to deposit such amount within 30 days, then the recovery proceedings may be initiated by the authority in accordance with the provision of Section 73 or 74 of the CGST Act, along with interest under Sec 50 of the CGST Act.
Exception to the above mentioned recovery proceeding is possible, if the Reserve Bank of India writes off the requirement of the realisation of sale proceeds on the merits.
Refund of recovered amount post realisation of sale process
After the recovery proceedings if the sales proceeds are realised by the applicant, in full or part, then the applicant shall produce such evidence about realisation within 3 months from the date of realisation of sale proceeds, the amount so recovered shall be refunded by the proper officer.
New undertaking to be given in Form GST RFD 01 which reads as follows has been inserted:
“I hereby undertake to deposit to the Government the amount of refund sanctioned along with interest in case of non-receipt of foreign exchange remittances as per the proviso to section 16 of the IGST Act, 2017 read with rule 96B of the CGST Rules 2017.”
So with insertion of above rule 96B, the loophole for fraudulent refund in case of Export of Goods without receipt of payment in convertible foreign exchange has been plugged
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GST NEW RULE 96B REFUND IN CASE OF EXPORT OF GOODS , Summarising newly inserted Rule 96B It is a backdoor recovery mechanism of Refund Granted on export of goods in case of non-realisation of export proceeds. W...

Summarising newly inserted Rule 96B
It is a backdoor recovery mechanism of Refund Granted on export of goods in case of non-realisation of export proceeds.
Where any refund of unutilized ITC under LUT Mechanism or IGST Paid on Export of Goods has been refunded to an applicant, and
The sale proceeds in respect of the same has not been realised, in full or in part within the time limits including the extension, the said person, within 30 days of the said period or the extended period shall deposit the amount so refunded, to the extent of non-realisation of sale proceeds, along with applicable interest.
If the person fails to deposit such amount within 30 days, then the recovery proceedings may be initiated by the authority in accordance with the provision of Section 73 or 74 of the CGST Act, along with interest under Sec 50 of the CGST Act.
Exception to the above mentioned recovery proceeding is possible, if the Reserve Bank of India writes off the requirement of the realisation of sale proceeds on the merits.
Refund of recovered amount post realisation of sale process
After the recovery proceedings if the sales proceeds are realised by the applicant, in full or part, then the applicant shall produce such evidence about realisation within 3 months from the date of realisation of sale proceeds, the amount so recovered shall be refunded by the proper officer.
New undertaking to be given in Form GST RFD 01 which reads as follows has been inserted:
“I hereby undertake to deposit to the Government the amount of refund sanctioned along with interest in case of non-receipt of foreign exchange remittances as per the proviso to section 16 of the IGST Act, 2017 read with rule 96B of the CGST Rules 2017.”
So with insertion of above rule 96B, the loophole for fraudulent refund in case of Export of Goods without receipt of payment in convertible foreign exchange has been plugged

Webinar on Decoding ITC under GST ACT

Webinar on Understanding Meaning of SUPPLY under GST

Understand Meaning of 'Supply' under GST from Bare Act 04/04/2020 Different Type of Supply under GST : 1. Nil Rated Supply 2. Zero Rated Supply 3. Exempt Supply 4. Non GST Supply 5. Non Taxable Supply Who shall view: 1. Bus...