WFH Positivity Dossier
It’s day 16 of the lockdown which means more than 2 weeks have passed! We have been doing our bit by add a little positivity in your everyday life with our #WFH Positivity Dossiers.
Today’s yoga posture is Ardha Padmasana which is a very easy sitting posture with many benefits, in #EverythingGSTin21Days we have all about refund processes and our book of the day is Journal of a Serial Entrepreneur by a young CEO Harsh Kedia.
Yoga Pose for the Day
By Meghana Pawar – Certified Yoga Trainer
Ardha Padmasana – (Half) Lotus Pose
Ardha Padmasana is a simplified version of Padmasana. We will learn full Padmasana or Purna Padmasana in tomorrow’s dossier! These are perfect base asanas for meditations and advance asanas.
Steps to perform the asana:
Step 1: Sit with your legs spread out and hands relaxed. Neck and back are straight, spine in the natural curvature.
Step 2: Slowly fold your left leg from the knee and make sukhasana like posture. Now fold the right leg from the knee and place it above the left thigh.
Step 3: Place your hands on your respective knees, palms facing the ceiling. Close your eyes and take 10-15 deep, long breaths. The breaths are slow, conscious, controlled and long i.e. Pranayamic breaths.
Step 4: Relax and normalise your breaths. Come out of the posture in reverse order. Repeat with the other leg i.e. now left leg will be on the right thigh and relax.
Any severe injury or surgery in the leg, knee, calf muscles.
- Stretches and strengthens the muscles around the pelvis, legs, and ankles.
- Helpful in symptoms of sciatica.
- It is a calming pose for your mind.
- Keeps the body upright and improves posture.
- Best effect on the mind when combined with pranayamas and deep breathing.
When can the refund be claimed?
There are many cases where refund can be claimed. Here are some of them –
- Dealer Exports (including deemed export) goods/services under claim of rebate or Refund
- ITC accumulation due to output being tax exempt or nil-rated
- Refund of tax paid on purchases made by Embassies or UN bodies
- Tax Refund for International Tourists
- Finalization of provisional assessment
- Excess payment of tax is made due to mistake or omission.
“Do what you can with all you have, wherever you are.”
By Theodore Roosevelt
Time-limit to claim GST Refund
Any person claiming the refund of the GST 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. A registered person may claim the balance available in the electronic cash ledger by filing the return as per the dates mentioned under GST.
An agency of the United Nations Organization or any multilateral financial institution and organizations notified under the United Nations, Consulate or Foreign embassies are all entitled to refund of tax on inward supply of goods and services or both. An application has to be filed for the refund before the expiry of 6 months from last day of the quarter in which such goods/service were received.
GST Refund Process
In current returns the taxpayer have to file a separate refund form to claim the refunds, however, once the simplified returns come there is a provision of auto-populating data with respect to refunds via the ANX-1 itself. There are two different fields in new returns:
Supplier claiming refund (This has been added in E-Invoice as well): In case the taxpayer is selling to SEZ unit/developer or going ahead with deemed exports then he can mention Y in this column and get the details auto-populated in the refund form.
Flag indicating whether document to be auto-populated to refunds: In case taxpayer is supplying to other than SEZ unit/developer or deemed exports but he want the data to get auto-populated in refund forms then he can mention Y in this field.
Kindly refer our blog to know more details of GST refund process as per current returns:
Book of the Day
Title: Journal of a Serial Entrepreneur
Author: Harsh Kedia
Key Learning Points from the Book:
Age is just a number: No matter how young or old you are, you can start your dream business. The author is in his 20s and is the CEO of three companies, India’s top motivational speak and 3 time TEDx speaker. He believes that his love for entrepreneurship has taken him far ahead in the league.
Branding: Brand uniqueness is of utmost importance. Whether you are promoting your personal brand or a company’s profile, brand uniqueness is must. A company is also treated as an artificial person and should have a personality that connects with its target audience.
Social Media Marketing: In this digital age, social media is a huge game-changer. It can literally make or break a brand. Companies, people and brands must leverage the power of social media and use it for their own advantage. Social media marketing in today’s day and age is as essential as main-stream marketing.
Multiple Aspects of Business: The book talks in depth about multiple aspects of business such as product/service, pricing, target audience, channels of sales, driving profitability, designing and look of the brand and so on.
Build a successful brand: To build a successful brand and sustain it, one must draw a brand persona i.e. give a relatable personality to your brand. Your target audience need to feel the connection. Then narrate your story. Add value to your clients with your products and services. Be consistent.
Stay tuned for tomorrow!