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| Corporate practice bd |
(C) Conditions applicable to unregistered importers
If a person who is not registered or unlisted imports, he has to pay advance tax. However, since advance tax is considered as applicable tax on subsequent supply and the consumer will pay maximum 15% tax, advance tax refund will be given to the importer who is not registered or listed under the following conditions, namely: -
01.Only advance tax will be refundable
02.The importer cannot supply the imported goods without using the goods
03.Must apply for refund within 60 days of import.
How to get a refund?
Procedure for return of registered person
Return after pulling
Exportable
VAT is applicable on the supply of those who are involved in local business. They will apply for refund through filing after deducting their negative net amount. The details are as follows, namely: -
(A) If the conditions are complied with, the application has to be made through note 33 of VAT-9.1.
Withdraw and return negative net money
Tick the negative net money to withdraw or return 33 Continued
In case of a claim for a refund, tick the “Cash Return” box. Then the amount of the refundable amount of the taxable period for which the condition for fulfillment of the refundable amount is to be written in the “Amount of refundable” box. Fill in the two boxes and submit the application, it will be accepted as a refund application.
(B) After receiving the application, the Commissioner will check and select it. If the application is properly fulfilled by fulfilling all the conditions of return, the application will be approved within 3 months and the applicant will send money to the taxpayer's bank account or issue a cross check in his favor.
(C) If the Commissioner wishes to make any change in the amount applied or may reject the application.
(D) If the Commissioner does not decide on the application within 3 months, he will be deemed to have accepted the refund application and the Commissioner will deposit the amount of application in the account of the applicant or issue a cross check in his favor.
(E) If there is any debt owed by the government to the applicant, the government will recover the debt from the refund amount and if it remains, it will reimburse it to the applicant. If the amount due is less than Rs.
Less than 50 percent exporterDue to zero export rate, no VAT is applicable. On the other hand, VAT paid on goods used in exported goods or services is refundable. As a result, their net taxes quickly turn negative. In such cases, taxpayers who (a) export less than 50% of their total supplies, or (b) use 50% or more of their purchased goods in exportable production to obtain a refund, follow the procedure described in the “Non-Exporting” section. Will be And those who (a) export less than 50% of the total supply, or (b) use 50% or more of their purchased goods in exportable production, will have to apply for refund in the manner described in the next paragraph "Exporters more than 50%".
Return without pulling
More than 50 percent exporters
Those who use 100% of exports, or more than 50% of total supplies, or use 50% or more of their purchased equipment in exportable production, will get refunds in the following manner, namely: -
(A) Refunds can be obtained through application through submission. The tax payable for the net term will be negative.
(B) Application must be made through note 33 of VAT-9.1.
Withdraw and return negative net money
Tick the negative net money to withdraw or return 33
Continued
Cash back
The amount of the refund is xxxxxx.oc Rs
In case of a claim for a refund, tick the “Cash Return” box. Then the amount of the refundable amount of the taxable period for which the condition for fulfillment of the refundable amount is to be written in the “Amount of refundable” box. Fill in the two boxes and submit the application, it will be accepted as a refund application.
(C) After receiving the application, the commissioner will check and select it. If the application is properly fulfilled by fulfilling all the conditions of return, the application will be approved within 3 months and the applicant will send money to the taxpayer's bank account or issue a cross check in his favor.
(D) If the Commissioner wishes to make any change in the amount applied for or to know how to reject the application, he may give the petitioner a chance to be heard, though the law or rules do not say so. However, the commissioner can do that in the interest of justice.
(E) If the Commissioner does not decide on the application within 3 months, he will be deemed to have accepted the refund application and the Commissioner will deposit the amount of application in the account of the applicant or issue a cross check in his favor.
(F) After recovering the dues of the government from the amount sanctioned for the refund, if there is any remaining, it shall be refunded to the applicant.
(G) In this case the Commissioner must ensure that the applicant exports more than 50% of the total supply, or uses 50% or more of their purchased materials for exportable production.
Other fields
If the nature of any economic activity other than the construction sector is such that due to the nature of the business, additional concessions are regularly made, then he can reimburse all sectors without any drawback. In this case you have to apply for refund in the manner described in paragraph "more than 50 per cent exporter".
(B) Procedure for recovery of unregistered person
The advance tax paid at the import stage of the unregistered person will be refunded in the following conditions and manner, namely: -
(A) He must be the latest consumer of the imported goods and he cannot transfer the said goods to any other person.
(B) Within 60 (sixty) days from the date on which the advance tax has been paid, he should apply to any of the nearest Commissioners on Form “VAT-4.1”.
(C) The application has to be done online
(D) Bill of entry information must be provided at the time of application
(E) At the end of the verification of the application received by the Commissioner, if found appropriate, within 15 (fifteen) days of receipt of the application, issue a cross-check in favor of refund in favor of the applicant or direct transfer of the sanctioned money to the applicant's bank.
Sections of the law relating to withdrawal and refund of negative net tax
2 (64) "Payable net tax"
means the amount of VAT, supplementary duty or turnover tax payable during the tax period after making the total production tax, incremental adjustment and material tax rebate and reducing adjustment as determined under section 45;