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1. Refund of Accumulated ITC |
Refund of accumulated ITC is restricted to those invoices appearing in Form GSTR-2B w.e.f. January 2022 |
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2. Undertaking in Form RFD-01 |
This clarifies that due to the omission of Section 42 of CGST Act and removal of FORM GSTR-2 and FORM GSTR-3 from CGST Rules. The updated undertaking only refers to Section 16, the same shall be submitted electronically along with refund claim. |
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3. Calculation of adjusted annual turnover |
The value of goods exported outside India to be included while calculating “adjusted annual turnover” |
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4. Admissibility of refund for exporters |
Refund of IGST paid on account of goods not exported or payment not realised for services within specified time frame is allowed as ‘Excess payment of tax’ |
Hey, it's Vanshika Gupta, a CA Finalist, who has graduated from Dr. Bhim Rao Ambedkar College, University of Delhi(DU). Working as an Associate II at Nucleus Advisors, I am passionate about indirect taxation and have experience in it. You can reach me at Vanshika.gupta@nucleusadvisors.in
