GST Refund Consultant

Goods and Services Tax (GST) is a comprehensive tax system in India that integrates various indirect taxes like VAT, service tax, and excise duty into one single tax. To ensure compliance with GST laws, businesses are required to file Goods and Services Tax Returns (GSTR) on a regular basis. These returns are crucial for maintaining transparency and allowing the government to track and collect the appropriate taxes. In this blog, we’ll break down what GSTR is, its types, the filing process, and common issues businesses face to help you navigate the complexities of GST returns. What is GSTR? GSTR refers to the various forms that businesses must file under the Goods and Services Tax regime. These returns are mandatory for businesses registered under GST, and they help report their sales, purchases, output, and input tax credit (ITC). Filing GSTR ensures that businesses are adhering to GST laws and are correctly paying the taxes they owe to the government. Types of GSTR Returns There are...

In India, the Goods and Services Tax (GST) framework aims to promote trade and industry, both domestically and internationally. One such provision under GST is deemed exports, which allows certain domestic transactions to be treated as exports for tax purposes. An important aspect of deemed exports is the ability to claim Input Tax Credit (ITC), which significantly benefits businesses by reducing their overall tax liability. In this article, we’ll explore how Deemed Exports and ITC work under the GST regime and what businesses need to know to benefit from these provisions. What are Deemed Exports? Deemed exports refer to supplies of goods or services that are treated as exports under the GST system, even though the goods do not physically leave India. These supplies are usually made to special entities such as: Export-Oriented Units (EOUs) Special Economic Zones (SEZs) Government bodies or specific projects Entities operating under export promotion schemes Even though these goods and ...

Under the Goods and Services Tax (GST) system, businesses can claim refunds for excess taxes paid, unutilized Input Tax Credit (ITC), or due to various other reasons. Understanding the different types of GST refunds and the procedure to claim them is crucial for businesses to ensure they don’t miss out on entitled refunds. Here's a guide to the most common types of GST refunds and how to claim them. Recommended: GST Refund Process, Claim and Time Limit   1. Refund of Excess Tax Paid Sometimes, businesses end up paying more GST than what is due, due to errors in tax calculation or other reasons. In such cases, the business is eligible to claim a refund of the excess amount. How to Claim: File a refund application using GST RFD-01 on the GST portal. Submit supporting documents such as invoices and proof of payment. The GST authorities will verify the application and process the refund, typically within 60 days. 2. Refund on Export of Goods and Services GST on exported goods and ser...

GST (Goods and Services Tax) has significantly simplified the taxation process in India, but like any financial system, it is vulnerable to misuse. One of the most common forms of fraud in the GST system is the creation and use of fake GST bills. These fraudulent invoices can cause significant harm to businesses, leading to financial losses and legal complications. If you come across a fake GST bill, it’s crucial to report it immediately. Not only will this help protect your business, but it will also contribute to the integrity of the GST system. In this blog, we'll guide you through the steps to report a fake GST bill. Book A free consultation with us for GST Refund    1. What is a Fake GST Bill? Before taking any action, it's important to understand what constitutes a fake GST bill. Some common indicators of a fake GST bill include: Invalid GSTIN: The GST Identification Number (GSTIN) listed on the bill doesn’t belong to the supplier or isn’t registered at all. Incorrect S...