What is provisional refund in GST? How it works in practical life? The concept can't be cleared from provisions of sec. 54.
Can u explain it properly?
Menu
Provisional Refund in zero rated supply
Replies (5)
The exporters and suppliers of SEZ are entitled to a 90% refund on a provisional basis. Provisional refund is granted within seven (7) days of the refund claim. The amount of provisional refund is credited directly to the claimant’s bank account.
There is a condition attached to provisional refunds. The provisional refund is not granted if the applicant has been prosecuted for any offense under the GST law or earlier law within past five (5) years. The amount of tax evaded in such prosecution shall be more than Rupees Two Hundred and Fifty Lakhs (Rs. 2.5 Crores).
There is a condition attached to provisional refunds. The provisional refund is not granted if the applicant has been prosecuted for any offense under the GST law or earlier law within past five (5) years. The amount of tax evaded in such prosecution shall be more than Rupees Two Hundred and Fifty Lakhs (Rs. 2.5 Crores).
Sir..when such provisional refund is finalized and how?
Mam it will be finalized after submitting all the required documents to the concerned department.
https://cleartax.in/s/zero-rated-supplies-in-gst
You can follow above link for the information.
https://cleartax.in/s/zero-rated-supplies-in-gst
You can follow above link for the information.
Sir...thanks for the quick and satisfactory reply
Welcome 😃, thank to CCI and best of luck
Recent Topics :
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
Related Topics :
CAclubindia
