It is not difficult to navigate through claiming a refund of the GST; still, business houses, financial professionals, entrepreneurs, and also individual taxpayers must understand the easiest mode of claiming these refunds. In this article, we have segregated the process of re...

With only a limited number of days remaining, taxpayers have the opportunity to make the most of the extended deadline offered by the GST Amnesty scheme. This scheme has been created to provide relief to individuals who have received assessment orders under Section 62 of the C...

Introduction The situation of Inverted Duty Structure (hereinafter referred to as “IDS”) arises when the supplier has purchased the goods at a higher rate of tax and sells the final product at a lower rate of tax. In other words, Inverted Duty Structure is a situation where th...

Introduction When a taxpayer registers for Goods and Services Tax (GST), they are given a GSTIN number. GST registration suspension occurs when the central tax authority or the taxpayer wishes to cancel this number. In India, cancellations are handled by the tax officer. Busin...

Who are Risky Exporters? Under the Goods and Services Tax (GST) system, there is no specific category of “risky exporters.” However, there are certain exporters who may be considered at higher risk or subject to increased scrutiny due to various factors. These factors may incl...

Introduction: Under the Goods and Services Tax (GST) regime in India, a merchant exporter is an individual involved in trade, specializing in purchasing goods for export or with the intention to export them. They do not participate in any manufacturing activities. Instead, the...

Introduction To file the GST returns in accordance with the requirements of the GST law, a person must be registered for GST. However, there may be some circumstances in which you receive an ASMT-10 GST return inspection notice. It gives you access to a notice that the departm...

Introduction Welcome to our complete guide on GST Refund for Export. In this article, we will explain everything you need to know about getting a refund on the Goods and Services Tax (GST) for exported goods. Whether you’re an exporter, importer, or simply curious about GST re...

GST Audit for FY 2023-24 GST audit is the process of verifying records, returns, and other associated documentation kept by GST-registered persons. The purpose of a GST audit is to verify the accuracy of the declared turnover, taxes paid, claimed refunds, and input tax credit...

Introduction When it comes to claiming GST refunds for your business, it is crucial to choose a reliable and efficient gst refund consultant. The right GST refund consultant can streamline the process, ensure compliance with tax regulations, and help you maximize your refund a...

Ensuring precise filing of Goods and Services Tax (GST) returns is vital in order to prevent unnecessary reconciliation and maintain compliance. It is important to acquaint oneself with common mistakes to avoid while filing GST returns. This article aims to give an introductio...

The National Informatics Centre (“NIC”) has issued an update on 2 Factor Authentication will be made mandatory from July 15, 2023, for all taxpayers with AATO above 100cr. To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2-Factor Authentication for lo...

Introduction of GTA Under GST GTA refers to “Goods Transport Agency” and it is defined as any person who provides services in relation to the transport of goods by road and issues a consignment note. Under the Goods and Services Tax (GST) regime in India, services provided by...

What is GST Refund under Exports & how does it work? Exporters may apply for a GST (Goods and Services Tax) refund for the GST they paid on the goods or services that are exported using this process. By preventing exporters from being compelled to pay tax on the same goods...

Facts of the case: The Assessee has filed the refund application under the category of Supply made to SEZ unit/Developer with payment of tax and subsequently, the Assistant Commissioner sanctioned refund vide order dated 14.12.2020. Thereafter, competent authority i.e., Princi...

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It is a comprehensive tax system that replaces multiple indirect taxes such as Value Added Tax (VAT), Central Excise Duty, and Service Tax. GST is levied at every stage of the...

According to a leading representative of a group of exporters, India’s exports of goods and services are projected to reach $900 billion in the current fiscal year, which is an increase from $770 billion in the previous year. Despite global challenges, India’s exports remain s...

An official has reported that GST evasion detection by tax officers has almost doubled year-on-year, reaching over Rs 1.01 lakh crore during the just concluded 2022-23 fiscal year. During the previous fiscal year, officers of the Directorate General of GST Intelligence (DGGI) ...

The Madras High Court examined the issue of whether the petitioners are qualified for a refund of all unused ITC (input tax credits) that each of them has accumulated as a consequence of being subject to an inverted duty structure. Facts in a case The petitioners were all empl...

Many people don’t pay close attention to their restaurant bills, but those who do will notice that the bill includes charges for both CGST and SGST. Have you ever wondered if all restaurants are required to charge these taxes, or if there is a way to avoid them? To answer thes...

What is TCS under GST TCS is an acronym for Tax Collected at Source. In the context of GST regulations, all e-commerce operators are required to collect 0.5% under the CGST Act and 0.5% under the SGST Act. If the transaction is between states, the e-commerce operator must coll...

What is Amnesty scheme? An amnesty scheme is a program initiated by a government or other authority to grant a pardon or forgiveness to individuals or groups who have committed certain offenses, usually related to tax or financial matters. The scheme typically involves a limit...

In India, the Goods and Services Tax (GST) was implemented on July 1st, 2017. To file GST returns, taxpayers need to use GSTR forms that adhere to specific slabs and eligibility criteria. The taxpayer’s income details must also be included when filing with the tax authorities....

In 2017, India introduced a new Goods and Services Tax (GST) system to streamline the indirect taxation system by replacing various taxes such as VAT and service tax. However, the increasing number of registrations and the expansion of the GST network has also led to a surge i...

What is RFD-01 and RFD-01A? RFD-01 is an online platform used for processing refunds under the GST system. Users can file this application on the GST portal to claim refunds for taxes, cess, and interest paid in situations where there are no taxes on supplies (except in the ca...

Changes in GST rates: - The Union Budget 2023 suggests changes to the GST rates for various goods and services. One of the proposals is to lower the GST rate for electric vehicles (EVs) from 5% to 3% to decrease the country's dependence on fossil fuels. Additionally, the gover...

Exporting or Export Business is the process by which businesses from one nation sell their products and services to clients or customers in another nation. Selling products and services made in one nation to clients in another is known as Export Business. It includes the trans...

This comprehensive guide provides an in-depth understanding of GST TDS refund, including its eligibility criteria, procedures, and benefits. From filing for a refund claim to dealing with common issues, this article covers everything businesses need to know to maximize their r...

Goods and Services Tax (GST) is a value-added tax that has replaced multiple indirect taxes in India. Learn about the basics of GST, its impact on businesses, compliance requirements, and more in this comprehensive guide. Stay up-to-date with the latest GST news and updates. R...

This article explains what HSN codes are and their importance in international trade. It covers how to identify HSN codes, their structure, and how they impact businesses. https://www.mygstrefund.com/what-is-hsn-code/