GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vikasanand Gupta   26 September 2021

Notification no 16/2020 dated 23.03.20 compliance

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

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)     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

Vikasanand Gupta   26 September 2021

Sir, my question is different from your reply.pls
Raj C Doshi

Raj C Doshi (Practising CA)     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

CGST IIC Range   26 September 2021

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

CA Altamush Zafar (GST Consultant)     26 September 2021

@ CGST IIC Range

No chance for waiver of section 16(4)

Raj C Doshi

Raj C Doshi (Practising CA)     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

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags