The Govt. notified various amendments in GST Portal as well as in Rules. Followings are those changes,
Part A :Provision Relating to Act and Rules made thereto :
1. Refund on account of inverted duty structure
Rule 89(5) – Formula for refund- earlier substituted w.e.f 18.04.18. The substitution now made effective retrospectively with effect from 01.07.2017.
Refund = Turnover of inverted rated supply ∗ Net ITC _Tax payable on such Adjusted Adjusted Total Turnover inverted rated supply
2. Refund of Compensation Cess
Second Proviso to Rule 97(1) inserted by virtue of which 50% of the Compensation Cess amount, determined under Section 54(5) shall be deposited in the Consumer Welfare Fund; The rest 50% shall go the Consumer Welfare Fund of State
3. Refund in certain cases
Rule 95(3) the refund of tax paid by the applicant shall be available if- (a) the inward supplies of goods or services or both were received from a registered person against a tax invoice [and the price of the supply covered under a single tax invoice exceeds five thousand rupees, excluding tax paid, if any]
Rule 95(3)(a)( Bold Portion ) was amended has now been made effective retrospectively with effect from 01.07.2017.
Part B : How to claim ? FORM GST RFD-01
In Annexure-1, for Statement 1A and 5B, a new statement has been substituted.
- Inverted Rate Structure : Statement 1A is to be filed by persons claiming refund on account of inverted rate structure. The new statement requires the GSTN no of the supplier to be mentioned .
- Deemed Exports : Similarly for Statement 5B, a new Statement has been substituted. Statement 5B is required to be filed for a refund claim on account of deemed exports. The new statement requires GSTN of the supplier to be mentioned.