GST Refund

Union Finance Minister Nirmala Sitharaman on Monday said GST claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals. She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years. The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said. "If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour. From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said. "We are up to date on all claims that came from sta

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

The telecom operator claimed that it had paid an excess GST for July-September, 2017 and wanted to rectify its relevant returns for that period to get the refund

Compensation cess issue to be discussed in July meeting, Correction of inverted duty structure for textiles deferred

Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit

The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers

second fiscal stimulus likely to be announced soon

Till March 31, 2020, GSTN had enabled 1,748 tax officers from 18 states/UTs to access office through VPN, a secure way to access office networks.

"The Government has taken measures to use data analytics to identify risky taxpayers and verify them before sanction of refunds," Thakur said.

Currently, under the LUT route, they need not pay tax on their export bills, but they stand to lose refunds on taxes paid on capital goods. Taxes on all other inputs get refunded

The committee will come out with detailed SoP within a week, which may be implemented across the country by January-end

They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation

Minister of State for finance, Anurag Thakur said the government has already come out with slew of measures to address challenges faced by the auto industry

From a single-authority mechanism for processing GST refunds to exporters coming soon to NCLT approving JSW Steel's Rs 19,700-cr bid for Bhushan Power & Steel, here are today's top business news

Move will help sanction and process refunds faster; may boost exports

Banks will also have to return all documents within 15 days of a loan closure, helping borrowers whose mortgaged assets are tied up

Also, in future, all GST refunds of micro, small and medium enterprises (MSMEs) will be paid within 60 days from the date of application, the FM announced

In future, all GST refunds of micro, small and medium enterprises will be paid within 60 days from the date of application