Coriolis Corp Newsletter June 2025
Dear All,
As indicated in our Newsletter for the month of May 2025. In this issue of the newsletter, we have included Part II of short note on “Refunds Under GST”. We specially invite your attention to the important changes in the refund filing process relating to refund to be claimed in respect of –
- Export of Services with payment of tax.
- Supplies made to SEZ Unit/SEZ Developer with payment of tax.
- On account of Refund by Supplier of Deemed export.
- (For full details of the changed refund filing process, please refer to the short note on “Refunds Under GST (Part II)” included under “knowledge Katta” section of this Newsletter)
Are you claiming ITC in terms of the provisions of the GST Act and Rules? You may like to revisit the provisions of Rule 36(4) and check and confirm that no ITC is claimed unless inward supply reflects in GSTR-2B. The provisions of the relevant rule read as follows:
CGST Rule 36 (4) – Input tax credit shall be available by a registered person in respect of invoices or debit notes the details of which are required to be furnished under sub-section (1) of section 37 unless, the details of such invoices or debit notes have been furnished by the supplier in the statement of outward supplies in FORM GSTR-1 or using the invoice furnishing facility, and the details of such invoices or debit notes have been communicated to the registered person in FORM GSTR-2B under sub-rule (7) of rule 60.
Keeping in view of the provisions of Rule 36(4), recipient of the goods or services or both, should claim ITC only when inward supply appears in FORM GSTR-2B.
