For Indian businesses entering the international market, Input Tax Credit (ITC) refund claims are an important part of economic life. This is what the role of Table 6A in GSTR-1 is about, a special place for showing export details and speeding the way to tax refunds. In this complete guide we will take a much deeper look into the workings of Table 6A, teaching you about the structure and showing you how to use it well.
Thanks to the Goods and Services Tax (GST), exports are considered zero-rated supplies. This means that exporters do not have to pay tax on such transactions. On the other hand, the taxes paid on inputs used for making the exported goods will remain as ITC in the ledger from the description of --> on Mar. 11. In order to record accumulated ITCs related to exports, Table 6A adopts the designated platform. Completing his skill and providing the correct information required for Table 7A, 7B exporters begin to claim those taxes as cash. This improves their cash flow situation and alleviates financial pressures.
Table 6A comprises various data points crucial for processing refund claims. Let's break down the essential fields you need to pay close attention to:
1. Invoice/Shipping Bill Reference: This column requires you to mention the unique identifier for each export invoice or shipping bill.
2. Date of Invoice/Shipping Bill: Accurately record the date on which the export-related invoice or shipping bill was issued.
3. Description of Goods Exported: Each invoice/shipping bill should give a clear and concise description of the goods it covers.
4. Port Code: Specify the port through which the goods were exported using the designated code assigned by the Indian Customs department.
5. Shipping Bill Number (where applicable): If applicable, mention the unique Shipping Bill Number associated with the export transaction.
6. Value of Taxable Supplies: Although exports are zero-rated, this column requires you to enter the total value of the goods exported for each invoice/shipping bill.
7. Taxable Value (Deemed Exports): In case of deemed exports (supplies made to Special Economic Zones or Export-Oriented Units), enter the taxable value for each relevant transaction.
8. IGST, CGST & SGST: While these tax fields should remain zero for actual exports, they might be used for deemed exports where applicable.
Ensure to file Table 6A within the stipulated time frame prescribed by the GST authorities.
Accuracy is paramount. Discrepancies between reported details and actual export documents can lead to delays or rejection of refund claims.
Maintain proper documentation, including export invoices, shipping bills, and Letter of Undertaking (LUT) for verification purposes.
Utilize electronic filing channels provided by the GST portal for efficient and error-free submission of Table 6A data.
By mastering the nuances of Table 6A, you can unlock a streamlined pathway to reclaiming your rightful export-related ITC refunds. Remember, meticulous reporting and adherence to prescribed guidelines are key to securing your financial advantage in the global marketplace.
Section 2(6)(v) Condition of IGST Act 2017 How to File GST Returns in Case of Export of Services
