Direct Tax Services
Audit
Consulting
ESG Advisory
RBI Services
SEBI Services
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Developed
Developing
BOTs
American
EU-1
EU-2
South East
South Asia
Gulf
ME
Select Your Location
In order to create a flawless experience for both taxpayers and tax officers, a new online refund process on the GST Portal has been started by the GST council.
With the implementation of online refund functionality, taxpayers will now be able to file refund application effortlessly and tax authorities can process the same online, this is what GST network said. The online refund process has been effective on GST portal from September 25, 2019.
Also Read: GST in India: Comparison with other Countries
Earlier one tax authority used to be responsible for refund processing for both Central and State GST, but the payment was done separately by the accounting authorities of tax departments. This was leading to a delay on account of sharing of sanction order with the counterparty accounting authority through that tax authority.
The new system has minimized the delay which used to happen earlier and after the processing is completed by the tax officer, the sanctioned amount will get credited to the bank account of the Taxpayer through Public Financial Management System (PFMS).
Taxpayers now will be provided with information at all the important stages of processing of their refund application through SMS and Email, he said. Further he added that the payment of amount will now be done from one disbursement authority i.e. PFMS unlike the earlier method where sanction was done by one authority but payment was made by two different authorities separately.
For now, all refund applications which were filed before 26th September, 2019 will be processed manually as used to be done under old refund process.
A passionate legal content writer, a nature enthusiast, an avid reader, and a part-time thinker. By means of conducting in-depth research on industry related topics, Shubham often builds flawless and intelligible legal content for populace from all walks of life.
The Reserve Bank of India, in its press release dated June 8, 2023, issued Statement on Develop...
RBI released a developmental and regulatory policy statement on June 8, 2023. The objective of...
Financial Institutions called Asset Reconstruction Companies ("ARCs") reconstruct and securitis...
Any person booked for an offence under the Criminal Procedure Code (CrPc) / the Code would be r...
The Reserve Bank of India regulates Non-Banking Financial Companies in India, and they are subj...
The Reserve Bank of India regulates Non-banking Financial Companies in accordance with the RBI...
Incorporation of a Limited Liability Company (LLC) is an attractive choice for small business o...
The Reserve Bank of India (the Bank) issued Non-Banking Financial Companies Acceptance of Publi...
A few years ago, investing in traditional investment categories like shares, bonds, real estate...
Compared to other organisations, the corporate governance of Non-Banking Financial Companies is...
Are you human?: 7 + 7 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
In this article, we will look into the various aspects of GST registration in Kolkata. GST registration in Kolkata...
06 May, 2021
The 36th GST council meeting concluded with important updates as on 25th July 2019. The Finance Minister Nirmala Si...
27 Jul, 2019
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!