01 August 2019
Dear Experts. Pls clarify my following query:- 1) do we need to submit LUT once in year perior to export or it will be submitted on every export sale. 2) we have export the goods to Nepal under LUT without payment of IGST however the transportation of goods was done by road not ship & air hence we don't have shipping bill & port code thereof. But we want to claim the refund of unutilised credit of GST paid on purchase of raw materials. Pls let me know should I file RFD 01 form online do I need to produce the proof of export if yes In absence of shipping bill & port code what other documents we can produce as export proof.
01 August 2019
You need to submit LUT once in year in April. File RFD 01 form online and you need to produce the proof of export/ Electronic Cargo Tracking System (ECTS)
Customs Procedure for Export of Cargo in Containers and Closed bodied Trucks from ICDs/CFSs through Land Customs Stations (LCSs) for Export to Nepal, Bangladesh, Bhutan Adoption of ECTS Seal.
01 August 2019
Sir can we claim the refund of tax paid on raw materials purchase if these materials used for export sale to Nepal which was made through LUT without payment of IGST.
02 August 2019
Also sir one more query:- section 54(3) of CGST act. 2017 state that unutilised credit may be claim refund by tax payers whereas Rule 96 & 96A of CGST rule 2017 which does not state the refund of unutilised input credit. So pls tell me can we claim refund of unutilised input tax credit as per section 54(3) however since this act. enacted No amendment in act. Specifically in sections. Whereas rule many time has been amended. During any disput whether section of act. Is taken or rule. in this case section state the refund of unutilised credit but rule not state the same. Which will be taken to take effect whether section of rule.
02 August 2019
In export cases as stated below you can claim refund on unutilsed credit. As per Section 54(3) of the CGST Act, 2017, a registered person may claim refund of unutilised input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished. Thus, a taxpayer can claim refund of unutilised ITC on monthly basis. Refund of unutilised input tax credit is allowed only in following two cases a) Zero rated supplies made without payment of tax: As per Section 16(3) of the IGST Act, 2017, a registered person making zero rated supplyis eligible to claim refund under either of the following options, namely: – • Supply of goods or services or both under bond or Letter of Undertaking, subject to such conditions, safeguards and procedure as may be prescribed, without payment of integrated tax and claim refund of unutilised input tax credit. b) Inverted duty structure: Where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council.
CAclubindia
