Refund u/s 54
This query is : Resolved
Ankit Tandon
(Querist)
09 August 2021
I am in an assignment of filling a refund u/s 54. In such assignment, one of the sales includes, penultimate sale.
I am getting mix of opinions about the nature of head under which sub section refund will be claimed of accumulated ITC.
Can someone provide a good discussion, about whether it would be under:
Inverted Tax structure or
Deemed Export or
Excess ITC refund or
Zero- Rated supply or
No refund?
I am getting mix of opinions about the nature of head under which sub section refund will be claimed of accumulated ITC.
Can someone provide a good discussion, about whether it would be under:
Inverted Tax structure or
Deemed Export or
Excess ITC refund or
Zero- Rated supply or
No refund?
CA R SEETHARAMAN
(Expert)
09 August 2021
The taxpayers can claim the refund of accumulated ITC in the following situations:
When an inverted tax structure prevails in the business.
With respect to the export of goods or services made without a tax payment by reporting the Letter of Undertaking (LUT) or bond.
In case of supplies to Special Economic Zone (SEZ) units or developers without a tax payment.
In which case of refund you fall.
The taxpayers can claim the refund of accumulated ITC in the following situations:
When an inverted tax structure prevails in the business.
With respect to the export of goods or services made without a tax payment by reporting the Letter of Undertaking (LUT) or bond.
In case of supplies to Special Economic Zone (SEZ) units or developers without a tax payment.
In which case of refund you fall.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- GST input credit on commercial property
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Capital gains in IT returns
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
