Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 1-3-2017 Last Replied Date:- 6-3-2017 – What is Zero rated supply and what is the benefit and implication of the such supply. Just look at the provision of the same provided in Revised GST Law and IGST Law As per revised GST Law Zero rated Supply has been provided in Section 2(111) Zero rated supply means supply of any goods and /or services in terms of section 15 of the IGST Act, 2016; and As per revised IGST Law how the Zero rated supply has been defined in Section-2(29) Zero rated supply shall have the meaning assigned to it under Section 15 ; and But there is typographical error in both the definitions under both laws as the Zero rated Supply is defined in Section 16 of the
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Z Developer or SEZ unit receiving zero rated supply , can claim refund of IGST if paid by supplier. Consequences of Tax wrongly Deposited with Central or State Government. Taxable person who wrongly deposited the IGST on supply considered by him as inter-state supply instead of intra-state supply , shall be refunded IGST so paid by him wrongly subject to the condition as may be prescribed. Taxable person who considered the transaction as intra-state and later found to be inter State shall not be liable to pay any interest on the amount of IGST. Law is silent on the first mistake where TP has paid tax under IGST and where he need to pay SGST and CGST . Whether he need to pay interest on amount of tax payable as SGST and CGST. About the Autho
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be claimed and it appears that IGST is payable separately. Please clarify. – Reply By Sanjeev Singhal – The Reply = as per Section 19 of IGST , if IGST deposited wrongly shall be refunded. and if CGST is paid instead of IGST ,no interest shall be paid under IGST. – Reply By Ganeshan Kalyani – The Reply = If both the provision under section 19 and 90 read together then it is clear that provision talks about both interest and refund is case of wrong payment. That is, if IGST is paid wrongly instead of CGST /SGST then IGST wrongly paid will be refunded as section 19 and interest on delay payment of CGST/ SGST need not be paid as per section 70. And, if CGST/ SGST is paid wrongly instead of IGST then interest need not be paid at the time of pa
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