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What if GST is wrongfully collected and paid to the Government?
Small Introduction -:
Old scenario of tax in India is divided between the state and centre or direct and indirect tax. In this tax system gov. And public face multiple Problems lets understand with example a manufacturer manufactures a Product central gov. Used to levy central exise duty that adds to cost when customer buys a product the state gov. Collect the vat. GST is bigeest indirect tax that has subsumed most of the indirect taxes in india which makes india a common united market by ensuring taxes are replaced in the country. In year 2017 Goods And Service tax Replace all Major state and centre taxes such as vat, cst, Luxury tax, service tax, central excise duty etc…means all tax act is comprehensive and multistage tax levied on every value addition. its work only on “one nation One Tax” More over, it is a type of value added taxes it levy on different stages such as manufacturer, Sales and consumption of goods or services.
- Category of GST
- Central goods and services tax (CGST) – Levied on intra-state supplies of goods & services Applicable on both, goods services
- State goods and services tax (SGST) – Levied on intra-state supply of goods & services, that is administered by the respective state government
- Integrated goods and services tax (IGST) – Levied on the supply of any goods and/or services in the course of inter-state trade across India Includes any supply of goods and/or services in the course of import into India and export of goods and/or services from India. It will replace the present Central Sales Tax Applicable for all inter-state transactions, import and export of goods and/or services
Tax Invoice When a registered taxable person supplies taxable goods or services, a tax invoice is issued. Based on the rules regarding details required in a tax invoice are as follows:
- Name, address and GSTIN of the supplier
- Tax invoice number (it must be generated consecutively and each tax invoice will have a unique number for that financial year)
- Date of issue
- If the buyer (recipient) is registered then the name, address and GSTIN of the recipient
- If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry: i. name and address of the recipient, ii. address of delivery, iii. state name and state code
- HSN code of goods or accounting code of services
- Description of the goods/services
- Quantity of goods (number) and unit (metre, kg etc.)
- Total value of supply of goods/services
- Taxable value of supply after adjusting any discount
- Applicable rate of GST (Rates of CGST, SGST, IGST, UTGST and cess clearly mentioned)
- Amount of tax (With breakup of amounts of CGST, SGST, IGST, UTGST and cess)
- Place of supply and name of destination state for inter-state sales
- Delivery address if it is different from the place of supply
- Whether GST is payable on reverse charge basis
- Signature of the supplier
Tax invoice is generally issued to charge the tax and pass on the credit. In GST there are some instances where the supplier is not allowed to charge any tax and hence a Tax invoice can’t be issued instead another document called Bill of Supply is issued. Cases where a registered supplier needs to issue bill of supply:
- Supply of exempted goods or services
- Supplier is paying tax under composition scheme
The following basic details should be obtained from every Vendor and Customer –
- Vendor/ Customer Name
- GST Number
- State of Registration
- Principal Place of Business (address)
- HSN code for their products dealing with
- Additional Place of Business (from where goods and services will be delivered or to which the goods and services are to be delivered)
These details should be obtained separately for each State in respect of every Vendor/ Customer
There are 2 kinds of supply:
- Intra-State supply – the location of the supplier and the place of supply are in the same State/Union Territory. When there is intra state supply of goods, SGST & CGST are levied.
- Inter-State supply – the location of the supplier and the place of supply are in different States. In case of inter-state supply of goods IGST is levied
If goods are delivered to any person on the direction of а third person, whether acting аѕ an agent or otherwise, before or during movement of goods, it shall be deemed that the said third person has received the goods and the place of supply is the principal place of business of such person. Where the place of supply of goods cannot be determined by referring to above provisions, then the same shall be determined by law made by parliament in accordance with recommendations of the Council. Thus there might be addition in the situations to determine place of supply.
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- regular GST scheme – When the threshold limit of Rs. 20 lakhs & Rs. 40 lakhs in service turnover & products turnover respectively is reached, GST registrationis mandatory. The exception to this rule is that, when the turnover of the preceding year does not exceeds Rs. 75 lakhs for some states, and then it can choose this scheme. The states are: Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, and Uttarakhand.
The taxpayers under the regular GST will have to file returns monthly. It gives the benefit of input tax credit of GST paid on purchase of both services & products.
- Composition Scheme – The composite GST scheme was introduced to benefit the small businesses. The business whose turnover does not exceed Rs. 1.5 crores, the seller must be charged with:
- @ 1% of turnover by traders;
- @ 2% of turnover by manufacturers;
- @ 5% of turnover for restaurants;
- @ 6% of turnover for service providers.
The tax must be paid by the dealer out of his pocket and thus, cannot issue tax invoice. The scheme gives for minimal compliance and the taxpayers are not required to maintain the account books.
Cannot collect tax from recipient, Not entitled to ITC,
- Any registered person can avail credit of tax paid on the inward supply of goods or services or both, which is used or intended to be used in the course or furtherance of business.
- If ITC is received on account of CGST, then it first it should be used to pay CGST and then IGST. It cannot be used to pay SGST
- ITC received on account of SGST, then first it should be used to pay SGST and then IGST. It canot be used to pay CGST.
- ITC received on account of IGST, the first it should be used to pay IGST, then CGST and balance if any should be used to pay SGST
SGST and CGST are collected directly by the central and state government. IGST is collected together and distributed to central and state government. IGST applies to interstate transaction and CGST and SGST to intrastate transaction.
Section 77 of CGST Act 2017 or under section 19 of IGST Act 2017 both are an intra state or inter state Tax wrongfully collected and paid to central government or state government.
Refund has been discussed in section 54 of the CGST/SGST Act. “Refund” includes
- any balance amount in the electronic cash ledger so claimed in the returns,
- any unutilized input tax credit in respect of
- zero rated supplies made without payment of tax or,
- 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),
- tax paid by specialized agency of United Nations or any Multilateral Financial Institution and Organization notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries on any inward supply
Refund of unutilized input tax credit is not allowed in cases where the goods exported out of India are subjected to export duty – as per the second proviso to Section 54(3) of CGST/SGST Act.
A person claiming refund is required to file an application before the expiry of two years from the “relevant date” as given in the Explanation to section 54 of the CGST/SGST Act.
-: Level up the promoting game
New brands are becoming launched on a daily basis and staying within the competition becomes very difficult. to remain earlier than the sport, startups got to ditch the thought of ancient strategies of promoting and invest within the upgraded ones like Digital promoting.
Digital promoting is that a new trend therefore, finance in these strategies can provide you with an improved edge. Their area unit varied ways that you just will use for your startup like computer program improvement, Email promoting, Social Media Management, etc. The list of tools and their advantages is perpetual.
These ways can provide you with the chance to showcase your skills to a larger variety of audiences. this can be done by up your ranks within the computer program Result Pages or a lot of outstanding presence within the right social media platforms. this can assist you in convalescing lead generations which can increase the number of sales.
Also, improve your content creation game throughout this point since relevant and artistic content can attract a lot of customers to your website. consistent with Hubspot, the pure gold of the marketers claim content promoting to be an important portion of their overall promoting strategy.
https://www.marketingcharts.com/charts/top-b2b-content-marketing-priorities-in-2020
Thus, it’s a good methodology and also the right time to boost your promoting game to the ensuing level.
-: Show Loyalty To Your Previous Customers –
This could be a tiny low step however is a stepping stone to your recovery. Appreciating the loyalty of your previous customers may well be a good thanks to building them feel valuable. think about giving discount codes or rebates on merchandise which may effectively increase your sales and drive a lot of revenue.
Also, the coupons also will increase engagement by attracting the new customers into being your regular ones attributable to the profit quantitative relation.
The principle of unjust enrichment would be applicable in all cases of refund except in the following cases: –
- Refund of tax paid on zero-rated supplies of goods or services or both or on inputs or input services used in making such zero-rated supplies
- Unutilized input tax credit in respect of
- zero rated supplies made without payment of tax
- where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies
- refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice has not been issued
- refund of tax in pursuance of Section 77 of CGST/SGST Act i.e. tax wrongfully collected and paid to Central Government or State Government
- if the incidence of tax or interest paid has not been passed on to any other person;
- such other class of persons who has borne the incidence of tax as the Government may notify
In case the tax has been passed on to the consumer the amount so refunded shall be credited to the Consumer Welfare Fund – Section 57 of the CGST/SGST Act. refund has to be sanctioned within 60 days from the date of receipt of application complete in all respects. If refund is not sanctioned within the said period of 60 days, interest at the rate notified not exceeding 6% will have to be paid in accordance with section 56 of the CGST/SGST Act.
However, in case where provisional refund to the extent of 90% of the amount claimed is refundable in respect of zero-rated supplies made by certain categories of registered persons in terms of sub-section (6) of section 54 of the CGST/SGST Act, the provisional refund has to be given within 7 days from the date of acknowledgement of the claim of refund. The claim of refund will be sanctioned by the proper officer in Form GST RFD-06 if the claim is found to be in order and payment advice will be issued in Form GST RFD05. The refund amount will then be electronically credited to the applicants given bank account. if any, in the refund claim has to be pointed out within 15 days.
A form GST RFD-03 will be issued by the proper officer to the applicant pointing out the deficiencies through the common portal electronically requiring him to file a refund application after rectification of such deficiencies. When the proper officer is satisfied that the claim is not admissible he shall issue a notice in Form GST RFD-08 to the applicant requiring him to furnish a reply in GST RFD -09 within fifteen days and after consideration of the applicant’s reply, he can accept or reject the refund claim and pass an order in Form GST RFD-06 only.
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