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Fate of “Unjust enrichment” principle under GST

Goods and Services Tax - GST - By: - sandeep saini - Dated:- 7-9-2016 Last Replied Date:- 8-9-2016 - Fate of Unjust enrichment principle under GST As we all know getting refund from Government is always a tedious task, and the most difficult task is to pass the unjust enrichment test i.e. to satisfy the Departmental officer that incidence of tax/duty has not been passed on to another person. The same test of unjust enrichment has to be passed under GST also, while claiming the refund under secti .....

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und claim under present indirect taxation, but since it relates to unjust enrichment, which is relevant in GST regime also. So the clarifications which are given in the said Draft circular and which will be finalised after getting comments from public, may be inserted in the final GST law. Therefore, we should analyse it properly and give our suggestion, before it becomes a final law. The key highlights of the draft circular is mentioned below: Principle of unjust enrichment will not apply in ce .....

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n: The amount which is claimed as refund, has been paid or credit note has been issued; The refund amount should be shown as Duty Receivable under the heading Current assets The consolidated journal entry, which is passed at the end of the financial year, must reflect the invoices in respect of which differential amount of duty/taxes, is being transferred to Duty Receivable Account. In the Balance sheet Duty Receivable under the heading current assets, should be reflected, till the financial yea .....

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lakhs or less. Self declaration may be filed, instead of filing the documents or other evidences, where the refund amount is less than ₹ 5 lakhs. In other cases, certificates would require to be certified by the Chartered accountant or cost accountant. In other cases, certificate from chartered accountant is required. Refund arising out of differential duty on inputs and capital goods The priniciple of unjust enrichment is required to be satisfied even in case of refund of duty/tax paid o .....

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laimed in relation to duty/tax amount claimed as refund; If has already availed CENVAT Credit, then he will reverse the input tax credit account, by an amount equal to the refund amount and the same would be credited to Duty receivable account; If the duty/tax amount is included in the purchases, in that case the purchase account may be credited at the year end and debit the same in the Duty Receivable account. If the recipient reverses the CENVAT Credit in the financial year in which he claims .....

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th the amount of discount/incentives received. Finalisation of provisional assessment: The assessee may be eligible for refund on finalisation of provisional assessment. The provisions relating to provisional assessment also provided in GST in Section 44A of the Draft CGST/SGST Act, hence the given procedure will be helpful in GST also. Favourable order by appellate authority: Where the tax liability is determined higher by the Department than the self assessed liability and appeal is filed agai .....

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