Gst Refund To Become Hassle-free
May 29, 2019 By Admin
This coming August the GST Refund is supposed to get hassle-free with the introduction of single approving authority for processing GST Refunds. The existing mechanism involves twin approval authorities, i.e. State & Central Tax Officers and it is after their approvals GST Refunds get sanctioned.
As per the new system, the taxpayer will get the full refund from the jurisdictional officer once the claim is sanctioned, while at the back-end the Centre and states will apportion the amount to be paid to each other.
In the existing system, once a taxpayer files refund claim with the jurisdictional tax authority, say the central tax officer, then he would clear 50 per cent of the claims, and the remaining is cleared by the state tax officers after further scrutiny. Thus further complicating and delaying the process by making it lengthy.
This two-phased process is now being made a single-phased process by the revenue department. The move will be rolled out soon and expected to make the whole process further easier and would be a massive jump in ease of doing business for the companies.
Published by : RAKESH KANWAR & CO.
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