GST UPDATE

Desk of CA. Praveen Sharma

Series- 401

Refund by Unregistered Person

Link of Video: https://youtu.be/Gvp6zrD148s

1- Circular No. 188/20/2022-GST - Prescribing manner of filing an application for refund by unregistered persons (URP).

2- Notification No. 26/2022- CT inserting Rule 89(2)(ka) and Rule 89(2)(kb).

3- Contact Entered then Cancelled by the Builder/Insurance Companies due to non-completion or delay or any other reasons.

4- The period of issuance of the Credit Note is expired.

5- The supplier refund the amount to the buyer, after deducting the amount of tax collected by him from the buyer.

6- Refund application filed by the URP in RFD-01.

7- URP shall obtain TMP Registration, Select the state of the Supplier (Difference Suppliers-Separate Applications), undergo aadhaar authentication, and give bank details.

8- Statement 8 in PDF format, Certificate from Supplier, other docs. uploaded.

9- Relevant date is the date of issuance of letter of cancellation of the contract/agreement for supply by the Supplier.

10- No Refund if the amount is less than 1000 Rs.

11- Proportionate refund can apply if the amount paid back by the supplier to the URP is less than the amount paid by such URP to the Supplier.

Regards

CA. Praveen Sharma