Input Tax Credit will include credit of both goods & services: Experts

Indore: CA Priyank Mehta said that refund processing in GST is done online and during the Covid period too, refunds were issued after processing many applications by the officials. He said that refund applications of many years can be made through one application. If a query is issued in an application, then a new application has to be applied. Taxpayers should apply before the due date.

Mehta was addressing a webinar organised on GST by the Indore CA branch of ICAI on Tuesday. Navneet Garg of Bhopal and Ankit Somani also shared their views on various topics.

CA Jain said that if tax is done by credit, then refund will also be made by increasing the credit. Zero rated supply will not apply. He said that if the export amount is not received in foreign currency or Indian currency, then the refund taken against that export will have to be returned along with interest. CA Jain mentioned that Gujarat High Court recently issued a refund for input service in its order and said that input tax credit will include credit of both goods and service.

CA Harsh Firoda, Chairman of Indore Branch, while delivering the welcome address said that in the present time everyone will have to adapt to change. Today is the time of technology, a person who will update himself with technology, will be able to give his services in the right way. He said many types of rigging and tax

evasion remains in the eyes of the department, and in such a situation, the responsibility of the CAs increases.

He also said that a lot of work is going to increase in the coming months. CAs will be very busy due to GST audit, tax audit and return filing, so we should plan our work for the next four to five months in view of Covid today. All types of compliance can be completed on due date.

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