June 2024 – Page 5 – Sailesh Bhandari & Associates

REFUND OF TAX

Understanding Tax Refunds under the GST Act, 2017 In the Goods and Services Tax (GST) regime, tax refunds serve as a mechanism to recover excess tax paid in specific situations. The GST Act, 2017, outlines various scenarios where registered taxpayers can claim refunds based on their tax payment history and business activities. Key Eligibility Criteria:

Utilization of Consumer Welfare Fund under GST Act 2017

The Consumer Welfare Fund (CWF) was established under Section 57 of the Central Goods and Services Tax (CGST) Act, 2017. This fund collects a portion of the GST revenue to be used for the welfare of consumers. Here’s how the fund is utilized: 1. Purpose: 2. Prescribed Manner: 3. Utilization Channels: 4. Accountability: EXAMPLE

REFUND OF TAX

TAX DEDUCTION AT SOURCE

Tax Deducted at Source (TDS) under the GST Act, 2017 is a mechanism where certain notified persons are required to deduct a specific percentage of tax from the payment they make to suppliers of taxable goods or services. This deducted tax is then deposited with the government by the notified person. Here’s a breakdown of

PAYMENT OF TAX

Payment Modes and Ledgers under GST Act, 2017: Payment Process under GST Act, 2017: Important Points under GST Act, 2017: EXAMPLE Scenario under GST Act, 2017: Calculation of Tax, Interest, Penalty and Other Amounts under GST Act, 2017: Total Payment under GST Act, 2017: Total Payment = ₹126,152.74 FAQ QUESTIONS Payment of Tax under GST

EXAMINATION OF GOODS AND SERVICES TAX PRACTITIONERS

The examination of Goods and Services Tax (GST) Practitioners under the Goods and Services Tax Act, 2017 (GST Act) is conducted by the Institute of Chartered Accountants of India (ICAI) in association with the Central Board of Indirect Taxes and Customs (CBIC). It is a three-tiered examination consisting of: 1. Entrance Test under GST act

FINAL ACCEPTANCE OF INPUT TAX CREDIT AND COMMUNICATION THEREOF SEC: 42

In the context of the Goods and Services Tax (GST) Act, 2017, Section 42 and Rule 70 GST act 2017of the Central Goods and Services Tax (CGST) Rules, 2017 deal with the final acceptance of input tax credit and communication thereof. Here’s a breakdown: Final Acceptance of Input Tax Credit: Communication of Final Acceptance: Additional

FORM AND MANNER OF SUBMISSION OF RETURN BY NON – RESIDENT TAXABLE PERSON SEC39

Form: Manner of Submission: EXAMPLE Form and Manner of Submission of Return by Non-Resident Taxable Person (Section 39, GST Act 2017) Every registered non-resident taxable person in India must file a GST return electronically through GST act 2017 the Goods and Service Tax (GST) common portal for each calendar month or part thereof. Here’s

MANNER OF OPTING FOR FURNISHING QUARTERLY RETURN

Eligibility: Method of opting: Things to remember: EXAMPLE Tamil Nadu: General Information (Applicable to all states): FAQ QUESTIONS Eligibility: Opting In/Out: Return Forms: Important Notes: CASE LAWS The opting for furnishing quarterly returns under the GST Act, 2017 is not directly governed by case laws, but by Central Goods and Services Tax

RETURNS

Form and manner of furnishing details of outward supplies sec 37, 39 Section 37: Rule 59: EXAMPLE Specific State: Tamil Nadu, India General Requirements: Forms and Frequency: Additional Points: FAQ QUESTIONS Q1. Who is required to furnish details of outward supplies under section 37? A1. Every registered person, except for Input Service

2024 June