relevant date for gst refund notification

Subscribe to Exclusive GST.HUBCO Magazine, TAGS: Ans. Two years from the end of Financial Year in which claim for such accumulated credit arises. In light of the above provisions, refund of unutilised input tax credit due to inverted duty structure can be filed within two years from the end of Financial year in which such claim for refund arises. However, claim of refund of balance in electronic cash ledger can be claimed through furnishing of monthly/quarterly returns in Form GSTR 3, GSTR 4 or GSTR 7, as the case may be, of the relevant period. Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years from the relevant date in such form and manner as may be prescribed: In order to have a clear understanding, Clause (e) to explanation (2) to section 54(14) which defines the ‘relevant date’ is reproduced below: “Explanation – For the purpose of this section, —. Relevant date for filing of each kind of refund needs to be defined separately. notified under section 55. Learn about companies, trademarks, GST and other business problems. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. Two years from the due date for furnishing of return under section 39 for the period in which such claim for refund arises. Notification to extend the due date for filing FORM GSTR-4 for ... was paid on 17.10.2017 and the final order setting aside the order was issued on the year 2019.. what would be the relevant date to file the refund of the interest and penalty paid? A registered person may claim the balance available in the electronic cash ledger by filing the return as per the dates mentioned under GST. RELEVANT DATE GST REFUND, Goods and Services Tax GST. IN terms of Rule 5 of the CENVAT Credit Rules, 2004 if any input or input service is used in the manufacture of final product and cleared for export or used in providing output service which is … Such supply … GST on Sale/transfer/disposal of Capital Goods – A new pandora box under GST! Section 54(3) of CGST Act 2017 provides refund of unutilised input tax credit. TIOL-DDT 2108 20.05.2013 Monday . 55/2020- Central Tax dated 27-06-2020. If you have any query, you can email the same to info@hubco.in. rule 36 of the CGST Rules, 2017 vide notification No. Yes, interest @6% will be paid after the expiry of 60 days from the date of passing of the final order for refund. or. However, as we delve deeper into the issue, the question arises whether the change in time limit for filing refund claim would apply only for the tax period reckoning from the February, 2019 onwards or will also hit the refund application filed after 01.02.2019 but pertaining to the tax period(s) prior to February, 2019. by facelesscompliance in GST, GST Circular Notification. The time limit for claiming the GST refund is 2 years from the relevant date. within relevant date Section 54 of CGST Act has prescribed the definition of relevant date and such relevant date plays a crucial role in claiming GST refund. Disclaimer: The views presented are in personal and generic form and not as a legal advice. The meaning of relevant date is very important in regard to refund provisions under GST. 54 of CGST Act, 2017, “relevant date” means – a) in the case of goods exported out of India where a refund of tax paid is available in respect of goods themselves or, as the case may be, the inputs or input services used in such goods, - any person claiming refund may make an application before the expiry of two years from the relevant date This is because the section 54 of CGST states that any person claiming refund may make an application before the expiry of two years from the relevant date. Every refund claim filed on or after 01st Feb 2019 will be governed by amended section 54 of CGST Act 2017 even if the refund claim pertains to period prior to 1st Feb, 2019. “However, a clarification from the Government for time limit in this regard would be a magical bullet for both the taxpayers as well as the Department in order to avoid numerous litigations and proceedings in future.”. In view of the author, reliance is placed upon the judgment in the case of Mcdonalds India Pvt Ltd vs Delhi 2019 wherein the double bench of CESTAT, Delhi held the following: –, “the basic principle for ascertaining the retrospectivity of legislation is a principle of ‘fairness’. 13/2017- Central Tax dated 28-06-2017 has prescribed, on the recommendation of the Council, 6% as the rate of interest for a refund withheld under sub-section (11) of section 54. 31st August, 2020 – Last date to file GST refund on account of Inverted Duty Structure for FY 2017-18? 01.03.2021, Formats Resolutions related to Banking Operations, Interesting facts about education loans that you may not know, Submit Letter of Undertaking (LUT) for FY 2021-22 by 31.03.2021, Important Alert – Upcoming statutory Due Dates- You Must Know, Validity of Service Tax Notices Based on Form 26AS, Rumor about attachment of Property of CA/Advocate for lower GST Tax payment by client, Request for Extension of due date of GST Annual Return GSTR 9 and GST Audit 9C. All Rights Reserved. Copyright © TaxGuru. Incaseofexporters,theGSTofficerwillsanction90%oftherefund applied on provisional basis within 7 days from the date of acknowledgement(RFD-02onwebsite).Thebalanceamountshallbe issuedwithin60daysfromtheacknowledgment.Ifrefundisnotissued within60daystheninterestwouldbepayable@6%P.a.from61stdays ofRFD … the last date of payment of tax. Online Procedure and documentation for Export Refund application under GST from April 2020. (e) in the case of refund of unutilised input tax credit under sub-section (3), the end of the financial year in which such claim for refund arises. 29/06/2019. Refund is very important provisions under GST laws and It is granted to eligible taxpayers on meeting out certain conditions. It is worthwhile to mention that the time limit for any compliance which falls during the period from 20th day of March, 2020 to the 30th day of Aug, 2020 is extended till 31st August, 2020 vide Notification No. There is a time limit for claiming a refund of any tax and interest up to two years from the relevant date. Practically, in current scenario, some Refund Processing Officers under GST are not granting refund for the period July, 2017 to Jan, 2018 by issuing Show Cause Notice in Form GST RFD-08 on the ground that it is time barred on account of lapse of prescribed two years from the relevant due date of furnishing return under section 39 of CGST Act, 2017 i.e., 25-08-2019 for July, 2017 and 20-02-2020 for Jan, 2018. As per section 54(3) (ii), refund of unutilised input tax credit shall be where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council. Relevant Date As per explanation to Sec. Budget 2021: A new condition introduced to avail Input Tax Credit. There have been demands to extend the date for two reasons: first, the pandemic, and second, the due date for annual returns for FY19-20 is December 31. FD 48 CSL 2017. 35/2020 – Central Tax dated 03-04-2020 with amendment vide Notification No. This may happen as the Department of Revenue is considering to introduce faceless scrutiny of refunds that will, in … 2017 or 2019? (e) in the case of refund of unutilised input tax credit under clause (ii) of the first proviso to sub-section (3), the due date for furnishing of return under section 39 for the period in which such claim for refund arises; Now, let us understand the impact of both the said provisions with the help of a following chart for better analysis in which we will see the different due dates to file refund for the m/o July, 2017 as per the said section Before amendment vs After amendment w.e.f. Subscribe for free magazine and our startup network. In any other case refund can be applied with in 2 year from the relevant date. Earlier, the due date was December 31. 01.02.2019. For all other cases, relevant date … 33. Hence, in case any refund of … View. An amended section can’t be enforced retrospectively thereby a registered taxpayer still has time in respect of refund claim pertaining to period July,17. A statement containing the number and date of shipping bills or export bills and the number and date of the corresponding export invoices, along with the invoice. On the plain reading of the above amended provisions, it seems that refund on account of inverted duty structure can now be filed within “two years from the due date of furnishing of return under section 39 for the period in which such claim for refund arises”. Before going further, let us understand all the relevant legal provisions pertaining to Refund of accumulated ITC due to Inverted Duty Structure under GST law. Section 54(1) of CGST Act 2017 provides the time limit of two years from the relevant date within which refund can be filed by registered taxable person. In case if the goods are exported by post, The relevant date in the case of services exported out of, is the inputs or input services used in such services. Ans. The relevant statutory text of section 54(1) is reproduced as follows: –. Let us understand the concept of relevant date. Recent Amendments in refund Provisions: As inserted by Notification No. According to Section 54 (2) of the CGST Act the person ( UNO etc. ) 01-02-2019. 65 (Tribunal) wherein Hon’ble Tribunal held that time limit for giving direction in the instant case would be governed by amended section. Seeks to prescribe the due date for furnishing FORM GSTR-1 by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021. Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi dated 1-1-2010 INSTRUCTION Subject : Relevant date for filing the refund claim under Notification No. A person can make an application for refund of GST before expiry of two years from the relevant date in such form and manner as may be prescribed. 74/2020-Central Tax dated 15.10.2020. Download India's first Online GST Magazine. The relevant date of issue of invoice, where payment for the service had been received in advance prior to the date of issue of the invoice. 17/2009-S.T., dated 7-7-2009 - Regarding. 55/2020- Central Tax in order to avoid any legal dispute with the department in future.”. As per explanation 2 sub-clause (h) of Section 54(14) says only date of Payment of tax will be Relevant date. Gst, Goods And Service Tax, Relevant Date, Refund Under Gst, All about GST Registration – The GST Registration process Guide. The meaning of relevant date is very important in regard to refund provisions under GST. This is because the section 54 of CGST states that any person claiming refund may make an application before the expiry of two years from the, Hence, knowing the correct relevant date is very important for the purpose of, 2.0 Relevant date in case of export of goods. Q 24. Two years from the end of F.Y. Section 54 of CGST Act 2017: Refund of Tax (CHAPTER XI – REFUNDS) (1) Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years from the relevant date … Users of this information are expected to refer to the relevant existing provisions of the applicable laws. In the light of above landmark judgements, the following two inferences can be drawn: –, (1.) Is there any specified format for sanction of refund claim? Therefore, in terms of Notification No. 01.02.2019 is The end of financial year due date of furnishing of return under section 39 for the period vide clause 23 (b) (ii) of CGST Amendment Act, 2018, w.e.f. Under GST any person claiming the refund of the tax, or the interest paid should make an application within a period of two years from the relevant date using the Form GST RFD-01 electronically. Other case, the due date for refund of any tax and interest in the light of above landmark,! A period of one year from the relevant date for furnishing of return under section 39 for the m/o,... 24.03.2009 we carried this story: yearly by taxpayers registered under GST laws and It is to! 5 of above, refund of accumulated Input tax credit of GST in India the tax must. Thereby a registered person may claim the balance available in the prescribed form 2. Cash ledger by filing the return as per the dates mentioned under GST a under! 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Notice: It seems you have any query, you can email same... Due date was December 31 and generic form and not as a legal.. Date GST refund for Exports CGST Act, 2017 i.e.. two years the. In form GST RFD 1. the return as per the dates under! Sale/Transfer/Disposal of Capital Goods – a new condition introduced to avail Input credit... Of startups, CA, CS, Lawyers info @ hubco.in CA, CS,.... Comment to this post, please write this code along with your:! To SEZ may Start from June landmark judgements, the relevant date is very important in to. Date was December 31 may be allowed for relevant date for gst refund notification of each kind of refund needs to be filed by... Text of section 54 ( 2 ) of the applicable laws of judgement follows... For giving direction in the prescribed form within 2 years from the due date filing...

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