Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

May 2011

Grant of Refunds against Bank Guarantee — Trade Circular 5T of 2011, dated 11-4-2011.

By Tarun Ghia, Brijesh Cholera, Pratik Mehta, Hardik Shah Chartered Accountants
Reading Time 1 mins
fiogf49gjkf0d
Part B of the Trade Circular No. 22T of 2010 is related to granting of refunds against bank guarantee subject to instructions. Now the instructions contained in the said Circular stand modified by this Circular. Accordingly, now refund against bank guarantee shall be granted any time for any period even after the due date of filing of audit form 704 is over. The condition of refund audit of previous period and major discrepancies will not be applicable in the bank guarantee cases. After granting refund against bank guarantee, if refund audit officer notices that the dealer is avoiding/delaying the process of refund audit, then the concerned joint commissioner shall encash the bank guarantee submitted by the dealer immediately.

Download PDF

You May Also Like

VALUATION OF CUSTOMER-RELATED INTANGIBLE ASSETS

Adjustment of Refund of F.Y 2010-11 to F.Y 2011-12 up to Rs.1 lakh — Trade Circular 6T of 2011, dated 15-4-2011.