Notification no 16/2020 dated 23.03.20 compliance

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Vikasanand Gupta

180 Points Joined November 2018

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

Replies (6)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9489 Points Joined December 2011

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

180 Points Joined November 2018

Sir, my question is different from your reply.pls

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

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.