ॐ असतो मा सद्गमय
Yes, in terms of section 56, interest would be paid at a rate not exceeding 6%, if the refund is not sanctioned with 60 days from the receipt of refund application. It is pertinent to note that the Government vide Notification No. 13/2017 – Central Tax dated June 28,2017 has prescribed the rate of interest @ 6%.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUNDS: FAQ NO. 29)
Yes, as per Section 55 of the CGST Act, the Government may, on the
recommendations of the Council, by notification, specify any specialised agency of the United Nations Organisation or any Multilateral Financial Institution and Organisation notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries and any other person or class of persons as may be specified in this behalf, who shall, subject to certain conditions and restrictions, be entitled to claim a refund of taxes paid on the notified supplies of goods or services or both received by them.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUND IN CERTAIN CASES: FAQ NO. 28)
1. A bond is valid till the outstanding tax liability on exports is within the bond amount.
2. As regards LUT, it shall be valid for twelve months.
(ICAI FAQ PUBLICATIONS 06-09-2017 QUESTIONS BASED ON NOTIFICATIONS AND CIRCULARS: FAQ NO. 27
The bond would cover the amount of tax involved in the export based on estimated tax liability as assessed by the exporter himself. FORM RFD -11 under rule 96A of the CGST Rules requires furnishing a bank guarantee with bond as a security. The bank guarantee should normally not exceed 15% of the bond amount. If Commissioner is satisfied with the track record of an exporter then furnishing of bond without bank guarantee would suffice. [Refer Circular No. 4/4/2017-GST dated July 7, 2017].
(ICAI FAQ PUBLICATIONS 06-09-2017 QUESTIONS ON NOTIFICATIONS AND CIRCULARS: FAQ NO. 26)
According to Notification No. 16/2017 – Central Tax dated July 7, 2017, following registered person shall be eligible for submission of Letter of Undertaking in place of a bond:
(a) a status holder as specified in paragraph 5 of the Foreign Trade Policy 2015- 2020; or
(b) who has received the due foreign inward remittances amounting to a minimum of 10% of the export turnover, which should not be less than one crore rupees, in the preceding financial year,
(c) has not been prosecuted for any offence under the Act or under an existing law where the amount of tax evaded exceeds two hundred and fifty lakh rupees.
(ICAI FAQ PUBLICATIONS 06-09-2017 QUESTIONS BASED ON NOTIFICATIONS AND CIRCULARS :FAQ NO. 25)
Any registered person availing the option to make a zero rated supply of goods or services without payment of integrated tax shall furnish a bond or a Letter of Undertaking in FORM GST RFD-11 prior to execution of such supply.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUNDS: FAQ NO. 24)
FORM RFD-01 is to be filed after:
(a) the person in charge of the conveyance carrying the export goods duly files an export manifest or an export report covering the number and the date of shipping bills or bills of export delivers it under Section 41 of Custom Act 1962; and
(b) the applicant has furnished a valid return in FORM GSTR-3 or FORM GSTR- 3B, as the case may be. Upon the receipt of the information regarding the furnishing of a valid return as mentioned above, the system designated by the Customs shall process the claim for refund and an amount equal to the IGST paid in respect of each shipping bill shall be electronically credited to the bank account of the applicant.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUNDS: FAQ NO. 23)
Yes, there shall be separate application and different procedure for refund of export of goods and export of services.
(ICAI FAQ PUBLICATIONS 06-09-2017 REFUNDS: FAQ NO. 22)
NOTIFICATION NO. SO 2830(E) [NO.83/2017 (F.NO.199/3/2017-ITA-I)], DATED 30-8-2017
“Asadharan Suraksha Seva Praman Patra”
Unless and until substantive assessment is made and final assessment order is passed in case of assessee making addition in hands of assessee, initiation of penalty proceedings is not permissible; there cannot be initiation of penalty proceedings with respect to protective assessment order
Bhailal Manilal Patel [2014] 49 taxmann.com 539 (Gujarat) JUNE 23, 2014