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Notification no 16/2020 dated 23.03.20 compliance

Vikasanand Gupta (171 Points)

26 September 2021  
I wish to know that how to compliance The of notification number 16 of 2020 dated 23 March 2020 read with circular number 1473/21 dated 12.03.2021, regarding Refund under zero rated supply, therein, 1.5 Domestic supply is to be considered for getting refund.

1.Any additional documents are to be submitted to the department

2. What are the criteria is to be adopted by the department for sanctioning the refunds under notification no 16/2020 dated 23.03.20.

3. What if any taxpayer is 100% exporter and not supply in domestic market.
Pls clarify

 6 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)   (2905 Points)
Replied 26 September 2021

every registered person whose aggregate turnover during the financial year 2018-2019 exceeds five crore rupees shall get his accounts audited as specified under subsection (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the financial year 2018- 2019, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.”.

Vikasanand Gupta (171 Points)
Replied 26 September 2021

Sir, my question is different from your reply.pls

CA Raj Doshi (Practising CA) (5526 Points)
Replied 26 September 2021

You have to work out item wise purchase sales for the period... and apply 1.5 times your purchase which would be market price. Then compare market price with your sales price. And then reduced the export turnover for items which do not satisfy the condition.

it's an excel working which you need to submit.

This has to be done even If you are 100% exporter.

CGST IIC Range (3 Points)
Replied 26 September 2021

Is there any chance for waiver of section 16(4)

CA Altamush Zafar (GST Consultant) (10960 Points)
Replied 26 September 2021

@ CGST IIC Range

No chance for waiver of section 16(4)

CA Raj Doshi (Practising CA) (5526 Points)
Replied 26 September 2021

Also, you have to compare market price to sales price to FOB... and minimum of three will be taken as export turnover for.refund purposes

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