Currently, when you claim for GST refund with the central tax officer, you will receive only 50% of your money, the rest 50% will be cleared by state tax officer after verification.
Sometimes, even after sanction/payment of refund, the tax authority delays the GST refund. The two authorities – state and central settling the same refund adds to unnecessary complexities and inconvenience for the taxpayers. Meaning, you need to wait very long for the entire amount to get refunded.
To solve this issue, GOVT is coming up with a simple GST refund process.
Under the proposed ‘single authority mechanism’,
All in all, this is a massive jump in ease of doing business! Have opinions on this? Comment below.
Stay updated about all the Latest Market News on Vyaparapp.in.
Download the BEST GST Compliant Business Accounting App