What is Form GSTR – 9C?
Form GSTR – 9C is a reconciliation certificate to be filed by the taxpayers whose aggregate turnover in a financial year crosses two crores have to get their books audited by a Certified Cost Accountant or Charted Accountant.
As per Circular No. 33/07/2018-GST dated 23rd Feb 2018, in case if the taxpayers utilizes the same and the adjudication is not in favor of the taxpayer, the taxpayer has to pay the amount of the utilized CENVAT Credit in the Electronic Credit Ledger with interest and penalty as per the provisions of the CGST Act.
As per Notification No 3 – Central Tax, Refund of input tax credit, availed in respect of other inputs or input services used in making the zero-rated supply of goods or services or both, shall be granted. This is available to Taxpayer’s who have availed the benefit of the Notification Number 48/2017-Central Tax dated the 18th October 2017
As per Notification No. 50/2017 – Central Tax dated 24th Oct 2017, the late for the month of August and September has been waived off for all the taxpayers who have not filed GSTR – 3B by the due date.
Notification No.8/2017-Central Tax (Rate), provides relief to lot taxpayers as it gives exemption up to Rs 5,000 per day for paying tax under reverse charge for inward supplies from unregistered taxpayers.
In the case of refund filed by the taxpayer for export of goods and services, the provisional refund will be issued within 7 days for 90% of the amount will be issued on accepting the application of the refund within 15 days from the filing of the refund application. #GST #GST_Tips
As per November 2016 Model GST Law, the taxpayer has to file for refund within 2 years in all cases except by United Nations Organization or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign countries where the time limit is 6 months if they want to claim refund of tax paid by them on their inward supplies.