GST Refund Consultant

The Goods and Services Tax (GST) system, introduced to simplify and streamline India's taxation process, has benefited many sectors. However, exporters often face a challenge with the Inverted Duty Structure (IDS) under GST , where the input tax on goods or services they purchase is higher than the tax on their exported goods or services. Fortunately, GST laws allow exporters to claim refunds on this unutilized Input Tax Credit (ITC), providing a solution to this issue. In this blog, we’ll explore how the inverted duty structure affects exporters and how they can benefit from GST refunds. What is the Inverted Duty Structure (IDS)? The inverted duty structure occurs when the GST rate on inputs (raw materials, services, or goods purchased) is higher than the GST rate on output supplies (the finished goods or services provided to customers). This creates an excess of Input Tax Credit (ITC), which businesses cannot utilize because there is no output tax liability to offset it against. ...

Introduction to GST Return Filing GST Return Filing is a crucial process for all businesses that are registered under the Goods and Services Tax ( GST ) system in India. The returns provide the tax authorities with a comprehensive record of your sales, purchases, and input tax credit ( ITC ). Filing accurate GST returns is essential to ensure compliance, claim the right tax credits, and avoid penalties. Different types of returns exist, each tailored to a specific category of taxpayer or business activity. What is GST Return Filing? GST Return Filing involves submitting various forms to the government to report tax-related details of your business. Businesses are required to file returns periodically to declare their income, claim deductions, and reconcile taxes paid. It also ensures transparency between businesses and the government, helping track taxes and promote efficient functioning. Types of GST Returns There are several types of GST returns, such as GSTR 1 , GSTR 2B , GSTR 4 , G...