In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.
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With an aim to provide taxpayer with a user-friendly and seamless compliance journey, the following GST updates have been on the GST portal / GSTN Portal.
The GST Network (GSTN) has incorporated an online GST refund process, as decided by the 37th GST Council. With this utility, taxpayers will easily be able to file for a refund via form RFD 01, which can further be processed online by the GST officers.
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
The 37th GST council is likely to discuss the following issues in the upcoming meeting:Reduction of GST Rates in Auto Sector,Review return filings,ITC treatment in the healthcare sector,Review present Revenue Position,Single Authority Mechanism for Export Refunds.
CBIC, in an attempt to reduce the dwell time, improve supply chain efficiency and minimise the cost on logistics for EXIM (Export-Import), has undertaken various steps and initiatives.
Input Tax Credit (ITC) by applying the formula stated in Annexure of notification, within the due date of 20th September.
Service Export from India Scheme is reward-based initiative from the government, which aims to elevate the export of certain notified services and eventually boost the economy.
What is Sabka Vishwas – Legacy Dispute Resolution Scheme? Sabka Vishwas (LDRS) Scheme, 2019, a dispute resolution and amnesty scheme under GST, shall come into force from September 1, 2019.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.
The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.
The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.
