Goods and Services Tax (GST) ensures that rather than collecting taxation at all rates in the nature of VAT, excise duty, income tax, customs duty, luxury tax and utility tax, you pay a specific tax at the end of the supply chain. In order to supply goods or services in India, it is mandatory to obtain GST registration. Registration ensures safe taxation and also lets you enjoy various benefits. This also includes Obtaining Letter of Undertaking (LUT) for export of services or goods.
While the implementation of the GST is completed and the sailing is perfect. The GST law is evolving. Corporates require a lot of feedback and day-to-day guidance on GST Compliances.In the dynamic time when the law is shaping up, corporates and multinational companies shall need to be connected to an expert team for consulting, legal opinions and day to day consulting.
Each and every registered taxable individual shall submit, in specified manner and nature, an electronic return of inward and outward suppliers of products and/or services, Input tax credit accessible, Tax payable, Tax payment and other information as may be specified.
Claiming refund of GST is a cumbersome process. An application needs to be moved in this regard to the proper officer before the expiry of two years from the relevant date in such form and in such manner as may be prescribed. However the limitation of two years shall not apply where such tax or interest or the amount referred to above has been paid under protest. A taxable person may also claim refund of any unutilized input tax credit at the end of any tax period subject to condition specified.
In the following situations refund can claimed under GST (Refund under GST)
GST audit is the method of checking the accounts, receipts and other documentation held by a taxable individual. The goal is to test the accuracy of the turnover reported, the taxes charged, the rebate received and the input tax credit used, and to determine conformity with the requirements of the GST
In Summation, we at Mandhar & Associates provide you with the following services under the GST Ambit –