GST Cancellation
Following Person Can Apply For Cancellation of GST Registration-
1. Registered taxpayer.
2. An officer on his own accord.
3. Legal heirs, in case of death of the taxpayer.
Probable Reasons For Cancellation of GST Registration
Following are the Circumstances under which Registered taxpayer can apply for Cancellation of GST Registration-
1. Closure / discontinuation of the business
2. When a taxable person ceases to be liable to pay tax.
3. In case of transfer of business due to amalgamation or merger or de-merger or sale or lease etc.
4. In case of a change in PAN due to change in the constitution of business
5. Non-commencement of business within the specified time limit.
6. In the case were the taxable person is no longer liable to be registered under the Goods and Service Tax Act.
GST Refund
GST Refund could arise on account of:-
1. Export of goods or services.
2. Supplies to SEZs units and developers.
3. Deemed exports.
4. Refund of taxes on purchase made by UN or embassies etc.
5. Refund arising on account of judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any court.
6. Refund of accumulated Input Tax Credit on account of inverted duty structure other than Nil rated or fully exempt supplies.
7. Finalization of provisional assessment.
8. Refund of pre-deposit.
9. Excess payment due to mistake.
10. Refunds to International tourists of GST paid on goods in India and carried abroad at the time of their departure from India.
11. Refund on account of issuance of refund vouchers for taxes paid on advances against which, goods or services have not been supplied.
12. Refund of CGST & SGST paid by treating the supply as intra-State supply which is subsequently held as inter-State supply and vice versa.
Time Limit for filing GST Refund Request.
The refund application has to be made in Form RFD-01 (to be certified by a Chartered Accountant) within a period of 2 years from the “relevant date.” This relevant date is different for different scenarios.
1. When the goods are exported through air or sea, then relevant date shall be the date on which such ship or aircraft leaves India.
2. When the goods are carried by a land vehicle, then relevant date shall be the date when the goods cross the land frontier of the country.
3.When goods are sent through post, then relevant date shall be the date of dispatch of goods from the Post Office.
4.When the supply includes services, and when the same is completed before receipt of payment, then relevant date shall be the payment receipt date.
5.Similarly, when the services are performed after receipt of an advance, then relevant date shall be the invoice date.
6.Where refund claim is made for excess input tax credit left unutilized, then relevant date shall be the end of the financial year for which such refund claim is being made.
7.Where the goods are supplied for deemed exports, i.e. supply to SEZ or 100% EOU, the relevant date shall be the return filing date related to such deemed exports was filed.
8.Where refund arises due to an order passed in favor of the appellant, then relevant date shall be the date of such order.
9.Where tax was paid following a provisional assessment and refund now arises, then relevant date shall be date at which such tax was adjusted.
10.When the person claiming refund is not the supplier, then relevant date shall be the date at which the goods are received by such person.
11.For all other cases, relevant date shall be the date of payment of tax.
It is mandatory to keep in mind these relevant dates as failure to file refund applications within mentioned time can lead to blockage of credit.
Once the application made, an acknowledgement in Form RFD-02 will be auto-generated for future references and sent across through an email and an SMS. In case the system finds some deficiencies in the refund application, then Form RFD-03 shall be sent to the taxpayer to correct his application
For more details feel free to get in touch with us on Sachin.dekate@primeconsultancy.net.in
or call on Mobile Number 9820110323 / 8830795941
