9911796707
TMI BlogGST refund for export of services without payment of taxX X X X Extracts X X X X X X X X Extracts X X X X ..... GST refund for export of services without payment of tax X X X X Extracts X X X X X X X X Extracts X X X X ..... T for FY 2022-23 Reply By RaamSrinivasan Kalpathi: The Reply: You should have filed application for refund of accumulated ITC in RFD-01 in April or May 2023 for the period from Nov 2022 to April 2023. There is no financial year concept in refund application. Would suggest you remit tax against the next export of service, set-off the accumulated ITC and then file refund claim of GST o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n export of services upon payment of tax with the department. This will exhaust the accumulated ITC. One can always move to LUT after this. Thanks Reply By KASTURI SETHI: The Reply: There was no need of LUT for the year 22-23 when service was exported for the first time in April, 23. Non-filing of LUT for 22-23 was not a bottleneck in getting refund claim for the period from No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v. 22 to March, 23. There is no time limit in utilizing ITC. From now onwards service should be exported on payment of IGST from Electronic Credit Ledger Account and, thereafter, apply for refund/rebate claim. LUT is required only if you export without payment of tax. The ultimate purpose of LUT is to safeguard revenue. Reply By Shilpi Jain: The Reply: If you do not have any domestic supplies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where u can use this credit, adopt export with payment of IGST, utilise your credit to pay off this and then apply for refund.
Exports made in FY 23-24 - no LUT required before that . X X X X Extracts X X X X X X X X Extracts X X X X
|
