Commercial’s GST Refund – A Practical Guide by Rakesh Garg & Sandeep Garg – 4th Edition 2024.

Commercial’s GST Refund – A Practical Guide by Rakesh Garg & Sandeep Garg – 4th Edition 2024.

About the book

Commercial’s GST Refund – A Practical Guide by Rakesh Garg & Sandeep Garg – 4th Edition 2024. We feel immense pleasure in releasing the Fourth edition of this Book, “GST Refund – A Practical Guide”, and expressing our gratitude to the esteemed readers for their response, support and confidence in the book alongwith our other Books. We are grateful to the readers for their valuable suggestions.

Refund is the backbone of the GST not only for the taxpayers, but also for the Government. With the implementation of GST, requirement of working capital of the traders and industries has been multiplied due to investment in indirect taxes. Since investment in tax in the GST regime is higher in comparison with erstwhile indirect tax regime, delay in release of refund by the Government disturbs the economic activities of the traders and the industry.

As a relief to the exporters, the Government has amended Rule 89 of the CGST Rules w.e.f. 10 July 2024 to prescribe a mechanism for claiming refund of additional IGST paid on account of upward revision in price of the goods subsequent to their export. This will facilitate a large number of taxpayers, who are required to pay additional IGST on account of upward revision in price of the goods subsequent to export, in claiming refund of such additional IGST. Rule 95B has also been inserted to prescribe the procedure of claiming of refund by the Canteen Stores Department (CSD) and disposal of the application. Rule 96(1)(b) has also been amended to allow the exporters to receive the proceeds of export of services within 15 days after the expiry of one year, or the period as allowed under the Foreign Exchange Management Act, 1999 including any extension of such period as permitted by the Reserve Bank of India.

As recommended by the GST Council in the 53rd meeting of held on 22 June 2024, the Government has made amendments in sec 16 of the IGST Act and sec 54 of the CGST Act through the Finance (No.2) Act, 2024 to provide that the refund in respect of goods, which are subjected to export duty, is restricted, irrespective of whether the said goods are exported without payment of taxes or with payment of taxes, and such restrictions should also be applicable, if such goods are supplied to a SEZ developer or a SEZ unit for authorized operations.

In order to facilitate in understanding various aspects relating to GST Refunds, an attempt has been made to cover all the aspects related thereto at one place; and is intended to give general guidance to all the stakeholders and also help them in resolving various practical and legal issues.

The present Book has been divided into Three Parts: containing “Part A Guide” and “Part B-Provisions” and “Part C-Highlights and Critics & Suggestions”. The Guide Section has been divided into 30 chapters, comprising detailed discussion on every type of refund and its disposal. The Provisions Section comprises 4 chapters relating to GST refund related Sections, Rules, Forms and Circulars. This Book contains comprehensive analysis of the entire refund related provisions under the GST law including notifications and circulars issued by the Government from time to time, along with tables and Illustrations to make the reading and understanding easier. We also acknowledge that to provide authoritative understanding of the readers, at many places, we have referred FAQs issued by the CBIC and the NACIN and users guide available at https://tutorial.gst.gov.in.

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