Hellow guys, Welcome to my website, and you are watching GST REFUND LIVE ONLINE FOR EXPORT OF GOODS WITHOUT PAYMENT OF TAX UNDER LUT OR BOND - REFUND OF ITC. and this vIdeo is uploaded by Kalp Shah GST Classes at 2021-12-12T19:01:22-08:00. We are pramote this video only for entertainment and educational perpose only. So, I hop you like our website.
| Name | GST REFUND LIVE ONLINE FOR EXPORT OF GOODS WITHOUT PAYMENT OF TAX UNDER LUT OR BOND - REFUND OF ITC |
| Video Uploader | Video From Kalp Shah GST Classes |
| Upload Date | This Video Uploaded At 13-12-2021 03:01:22 |
| Video Discription | Purchase of goods : 100 ITC on purchase GST 18 Purchase of services : 20 ITC on purchase of services : 3.6 Purchase of capital goods 50 ITC on capital goods 9 TOTAL ITC = 18 + 3.6+ 9 = 30.6 Eligible for refund : 21.6 Total purchase cost : (100+20) 120 LUT MODEL Sales price in export market : 200 GST on export sales under LUT model : 00 Total 200 Get GST refund of untilized ITC of 21.6 WITH PAYMENT OF TAX = PAY FULL REFUND FULL MODEL, POORA BHARO POORA REFUND LO MODEL 36 POORE BHARO 36 POORE REFUND LO Sales in Export market : 200 GST 36 -30.6 ITC =5.4 CASH Total 236 Get GST refund of 236 Rs GST Refund In case of Export of goods: There are 2 ways to export goods in GST. 1) Export without payment of GST Tax (Without payment of IGST) -LUT Model 2) Export with payment of GST Tax (Without payment of IGST) - Pay full GST get Refund of Full GST model - Payment model 1. EXPORT WITHOUT PAYMENT OF TAX (LUT) Under this model you don't pay any GST on export of goods because export is Zero Rated Supply. This means that government will not charge an GST on export of goods or services. And if any GST have already been charged in earlier stages of purchase chain then it will refunded to the person who ultimately export the goods or services. This means that at the time of export sale of goods in international market, you don't have to pay any GST on export sales transaction and hence whatever GST you have paid when you purchased the goods from domestic market remains unutilised or unused. This unused GST paid at the time of purcahse is called Unutilized ITC of GST and you will get refund of such unutilized GST. It was unutilized because government has not charged any GST on export sales transaction and on domestic purchase transaction you must have paid GST to your supplier at the time of buying the goods. You get the credit in of this GST paid at the time of purchase of goods if your supplier (person from whom you purchase the goods) has paid this amount to government honestly. This credit is called input tax credit.or ITC. This ITC remains unutilized because you don't have to pay GST at the time of export sales. Now you can get the refund of this unutilized ( unused ) ITC by applying online on GST portal in form RFD 01 online. For refund of tax in case of export without payment of tax, LUT model, we charge separate professional fees. Separate procedure including statements, refund calculations, annexures and undertakings need to be prepared for which separate fees is charged based on volume of transactions 2. . EXPORT WITH PAYMENT OF TAX (IGST) As shipping bill itself is the application for Refund of tax paid, we just need to verify that all mandatory details of shipping bill are precisely entered in return, satisfying requirement of GST portal and ICEGATE portal, with a precondition that AD code and IFSC code is registered with customs. In brief, there is no separate procedure for Refund of Tax in case of Export with payment of tax. We don't charge any seperate professional fees for Refund of Exports with payment of tax and the same is included in above service. 1. Circular No. 125/44/2019 - GST https://drive.google.com/file/d/1v7Q1PXbLlkHBiZR0GUbtEPr6wDI1veXf/view?usp=sharing 2. https://drive.google.com/file/d/1hJQxbwHjvAXjs1j3s5JS7j21bL2RRSfQ/view?usp=sharing 3. Forms and statements and declrations https://drive.google.com/file/d/1FL3L8P7rOjEWqViLySFaGAP1DSOjkNn5/view?usp=sharing 4. Circular No. 147/03//2021-GST https://drive.google.com/file/d/1kIn6gWPs8mfwVqewQtvG3KRY8hRUkJIb/view?usp=sharing 5. Circular No.135/05/2020 - GST https://drive.google.com/file/d/1Si0mZBk7HSJuBtrr8hYoTQigtoVNGvV_/view?usp=sharing 6. GST refund compedium https://drive.google.com/file/d/1xRG58EO_WbtbTjNxMXCD9EoWeqpYCYEz/view?usp=sharing 7. Stepby step GST refund guide https://drive.google.com/file/d/1d7Q3kIxAaOs191OWGEwpm9DMnyzRl6q_/view?usp=sharing |
| Category | Education |
| Tags | export gst refund | refund of gst on export | gst export refund | gst refund on export of GOODS | input tax refund | gst refund | GST Refund Online Demo | Export without payment of GST refund | How to claim GST refund on Export without payment of GST | How to claim GST refund | GST refund RFD 01 live demo | How to apply GST refund | refund of unutilised input tax credit | refund of input tax credit under gst | net itc in gst refund | gst credit refund |
