RBI Governor Presser Highlights :

1. Repo rate reduced by 75 basis points to 4.4%

2. Rev repo reduced by 90 basis points to 4%

3. GDP growth for Q4 19-20 and FY 20-21 to be affected

4. Aggregate demand may weaken

5. Future outlook uncertain and negative

6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores

7. Min daily CRR balance reduced from 90% – 80% till 30/06/2020

8. 3.74 lakh crore liquidity injected

9. 3-month moratorium on payment of installments of Term Loan outstanding

10. Interest on WC facilities to be deferred by 3 months

11. Such deferment not to be considered for NPA

12. Revised DP calculations by reassessing WC cycle

13. All measures not to effect credit history

14. Total liquidity injection 3.4% of GDP

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Introducing Online GST Refund Process in 2019 by GSTN

The GST Network (GSTN) has introduced an online GST refund process, as decided by the 37th GST Council. With this process, taxpayers will easily be able to file refund through form RFD 01, which can further be processed online by the GST officers. The online refund system is into effect from September 25, 2019, on the GST portal.

Major Points:

  • Taxpayers can now file refund application (in RFD 01 form) easily and tax officers can execute it online
  • All communications between taxpayers and tax officers will be online as well

GST Refund Process Of Previous Years

Till now, the refund processing for the Central GST (CGST) and State GST (SGST) was done by a single tax personal to whom the taxpayer was assigned administratively. However, the disbursement for this was done by different accounting authorities of central and state tax departments respectively. This makes a delay of sharing sanction order between accounting personals, before the GST refund could be processed to the applicant.

GSTN Refund Process 2019

The new GST refund system launched by GSTN has done away with multiple accounting authorities for sanctioning the disbursement of the refund amount. Under new refund system, when the tax officer completes processing, the sanctioned amount will get credited to the bank account of the Taxpayer through Public Fund Management System (PFMS). The new system is being introduced to provide a boost to the disbursement speed of refunds and also improve the GST compliance, hence making refund a seamless experience for the taxpayer as well as the tax officer.

However, it may be noted that all refund applications filed before September 26, 2019, will be processed manually as done under the old refund process.

Features Of The New GST Refund System

The unique features of the new refund system launched by GSTN are as below:

  • Single Authority based refund system
  • Stage-by-Stage tracking of the GST Refund process
  • SMS and Email Updates for Important stages
  • Online Reply Utility for Notices

Digitization Making GST Refund Process Simpler In The Coming Days

After-April 2020, with the enrolment of new GST returns, the taxpayer will be able to auto-populate the GST refund details from his sales records. These auto-populated fields will be derived from taxpayers ‘refund from sales to SEZ and Deemed Exports’ and ‘refund from sales to B2B, Exports and B2C’ records.

If the field for a refund from sales to SEZ and Deemed Exports is populated indicated ‘Yes’, the supplier will get the refund from such transactions else SEZ/Deemed Exporter.

Similarly, in case of transactions other than SEZ and Deemed Exports, if the document to be auto-populated to GST refunds is Yes then values will be auto-populated in refund form.

Contact us or email us at [email protected] in case of any queries related to GST registration.

GSTN CEO Says, GST Network Safe from Ransomware Threat

In the midst of the progressing ransomware hysteria that has perpetrated in excess of 150 countries everywhere throughout the world including Russia and UK, the GSTN or the Goods and Services Tax Network that offers IT infra for GST impose routine is sheltered, said Prakash Kumar, CEO for GSTN. This is on the grounds that the Goods and Services Tax Network does not keep running on the vulnerable operating system.

Post the notable choice from Rajya Sabha when it endorsed all the four GST charges prior this year in April, the Goods and Services Tax Network is altogether prepared for taking care of approx. 2+ billion solicitations consistently under the progressive expense framework.

The ransomware has generally perpetrated PCs and frameworks running on more seasoned rendition of Microsoft OS like XP.

Clearing up further, Mr. Kumar said to PTI, “Our system doesn’t keep running on Microsoft working framework and along these lines, we are protected from the malware. GSTN keeps running on Linux working framework, which isn’t delivered by the ransomware risk.”

The Goods and Services Tax Network additionally guaranteed its partners that all the data/information will be safely put away in scrambled frame and that entrance would be entirely constrained to evaluating officers and citizens as it were.

GSTAround 60 lakh VAT, benefit duty and extract assessees have just enlisted onto the Goods and Services Tax Network’s entryway between November 2016 to April 2017. At present, there are an expected 80 lakh such assessees.

Making advances on Good and Services Tax routine, the GST chamber expects the swelling rates to drop as the new expense framework is relied upon to cut down creation and transportation costs. Discussing its effect, GST would profit huge players, as well as make it simple for little and medium – estimated endeavors to work together easily. Post GST rollout, tax collection will turn out to be simple and direct, consequently boosting venture.

Measurements recommend that in excess of 2 lakh PCs and frameworks could have been perpetrated by the vindictive ransomware, however for GSTN, there is by all accounts no risk starting at yet.