File the annual return for the year 2020-21 on or before April 30, 2021
We exported certain goods for which payment is fully realized. Now, the foreign buyer has raised some claims due to improper packing and late shipment. We want to remit these claims. What is the treatment of such export claims by RBI and under the GST laws?
As per Para C.22 of RBI Master Direction no. 16/2015-16 dated January 1, 2016 (as amended), on “Export of Goods and Services”, AD Category-I banks may remit export claims on application, provided the relative export proceeds have already been realized and repatriated to India, and the exporter is not on the caution list of the RBI. In all such cases of remittances, the exporter should be advised to surrender proportionate export incentives, if any, received by him, says the RBI.
Reading this provision, in harmony with Rule 96B of the CGST Rules, 2017, I am of the opinion that you must surrender a proportionate refund of the IGST paid on the export goods obtained, or the proportionate refund of the unutilized input tax credit obtained because sending back part of the export proceeds realized effectively amounts to a shortfall in the realization of export proceeds.
There are 11 trade terms in Incoterms 2020. We understand that the Bill of Entry captures only CIF, CFR, and FOB. Is that so?
In the ICEGATE, the drop-down menu gives four options of Incoterms — CIF, C&F, C&I, and FOB.
We are registered under the GST Composition Scheme. What is the due date for filing our annual return for the year 2020-21?
You have to file the annual return for the year 2020-21 on or before April 30, 2021.
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