V
Vinod
Is credit advice sufficient as a proof while claiming the gst refund for category: refund of ITC on export of goods and services without payment of tax ?
if yes, which number (UTR or reference number present in credit advice) should we mention in the "BRC/FIRC" column of the excel utility which needs to be uploaded while filling refund form
Facebook
Twitter
Linkedin
Based on the details provided, here are a few points regarding claiming GST refund on export of goods and services without payment of tax using a credit advice:
- A credit advice by itself may not be considered as sufficient proof for claiming refund. Typically, documentary evidence like export invoices, shipping bills, bank realizations, etc are required.
- However, the credit advice would contain details like advice/reference number, invoice numbers, invoice amounts, tax amounts, etc. These details would need to be provided in the refund excel utility.
- The advice/reference number of the credit advice should be mentioned in the "BRC/FIRC No." column of the utility. This links the tax payment details with the export invoices.
- Along with the credit advice details, other documents like export invoices, shipping bills, bank statements showing realization of export proceeds, reconcilation statements, etc. would also need to be provided to establish the validity of the refund claim.
So in summary, while the credit advice alone may not suffice, the details in it would need to be provided in the refund claim utility. The advice/reference number acts as a link between the tax credits and exports. Additional documents would further substantiate the refund eligibility.
If a company exports goods and services under bond/LUT without payment of IGST, the credit available at the time of procuring of goods and services remains unutilized and idle in their Electronic Credit Ledger account. In such a case, the company can file a refund claim of goods and services exported under LUT without payment of IGST 1. The formula for calculating the refund amount is as follows:
Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷ Adjusted Total Turnover 2.
It should be noted that no refund of unutilized Input Tax Credit is allowed in cases where the goods exported out of India are subjected to export duty .
All the details relating to GST on export is clearly mention in the shipping bills and it will populate in GST portal under refund.(BRC/FIRC column of excel utility).
I hope this helps!
S
Sravan
I bought an under construction house which is still under construction . I paid 80% of the amount through home loan ,another 10% by personal funds and need to pay another 10% now in 1 month. I have 2 options on how to pay for it and need your help to identify the right one:
1) Take a gold loan and pay off the amount. Pay off the gold loan by selling another plot I have in 3 months.
2) Take a hand loan from my sister an pay back her money by selling of another plot in next 3 months
( am in 30% tax bracket)
You can go for option 2 provided the plot was purchased 3 Years back and another advantage since you are borrowing from your sister without interest. The gold loan Interest is not allowed as expenses under income tax act.
If you require further assistance check with CA's or contact with us 7338838605/kna3350@gmail.com.
M
Mohammad
My husband had given 13 lakhs in 2011 to his sister's husband for a flat.. however, this flat was never handed over to my husband
Now, after so many years, the sister's husband wants to file income tax returns and wants my husband to sign a letter mentioning that 13 lakhs was given as a loan
Should this letter be signed by my husband?
As mentioned by you, no flat or any other agreemnent for sale of flat was handed over to your husband.
In this case, it is better to treat the amount as loan in the hands of the sister's husband. If you want you can charge accumulated interest also.
V
Viswanath Suresh
I had sold shares and mutual funds worth 30 Lakhs 3 years back and the amount was deposited under 54F in CGAS scheme for purchasing the house as mentioned below.
>> Sale value of shares/equities: 30 Lakhs
>> Principal = 22 Lakhs
>> Capital Gain amount = 8 Lakhs
>> Amount deposited in Capital gain account t= 30 Lakhs
I am unable to use the complete amount deposited in capital deposit gain account even after 3 years.
According to me, now I need to pay tax at 10% of 8 Lakhs (Correct me, if I am wrong).
I was trying to declare the above in deemed capital gain section of ITR with entries as mentioned below
>> Section under which deduction claimed in that year = 54F
>> Amount utilised out of Capital Gains account = 0
>> Amount not used for new asset or remained unutilized in Capital gains account = 30 Lakhs
For above entries 20% of 30 Lakhs is considered as tax.
What is the correct way to declare the above in ITR so that the tax is 10% of 8 Lakhs.
For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.
CA K Narasimha Prakash 7 Nov 2023Since you have not utilized the amount for construction you can pay tax and get letter from your Assessing officer you have paid the tax then bank will allow you to withdraw the amount from GCTS.
If you require further clarification check with your CA or call to us 7338838605 or kna3350@gmail.com
G
Gaurav Gupta
Can my father sell a land and buy flat in co-ownership with me to avoid LTCG or he has to be sole owner of flat.
For professional help regarding capital gain taxation , reach to us @ www.tarungauptaca.com.
T&C apply
