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GST Refund


1. Share the data required for GST-Refund.

2. Our team shall apply for the refund on your behalf.

3. Your account shall be credited with the refund amount within the stipulated time period.





Introduction



When the Goods and Services Tax or GST came into the origin, it also brought into place multiple systems and mechanisms for refunds. After that, multiple refund claims have been filed by taxpayers and a standardized form has been introduced. GST Refund is a process in which registered taxpayers can claim excess amount if any paid more than the GST Liability.

The cash flow and working capital requirements of manufacturers and exporters could be adversely affected if a refund is delayed. As a result, one of the intentions of the implementation of GST is to ensure that the refund process is smoother so that manufacturers and exporters do not face issues due to delays. By ensuring that the refund process is facilitated quickly, tax administration becomes more effective.

The GST regime has provisions relating to refunds, and it aims at streamlining and standardizing the procedures about refunds under GST. Therefore, a standardized form has been created to make claims for refunds. The procedure for making claims can be completed online on time.

Refund of IGST in export can be claimed only by reporting it in GSTR-1 and GSTR-3B. Refund of cash paid in excess of electronic cash ledger can be claimed by applying in form RFD-01.



Forms of refund



  •  Excess cash balance in electronic cash ledger
  •  Accumulated ITC due to zero-rated sales or inverted tax structure.
  •  Exports of commodities or services
  •  Deemed exports
  •  Refund arising from order, judgment, direction or decree of the Appellate Tribunal, Appellate Authority or any court of law
  •  Refund of taxes when embassies make purchases
  •  Excess payment because of an error


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Conditions



  • Application must be made within 2 years from the relevant date.
  • GSTR-3B for the relevant tax period should have been filed.
  • The outward supplies are not nil rated or exempt.
  • In case of goods exported:
    • They were not subjected to export duty
    • No drawback of central tax or claims refund of integrated tax paid on supplies have been availed
  • In case of CTP (Casual Taxable Person)/NRTP (Non Resident Taxable Person), all monthly returns have been filed during the period of registration.


Procedure for refund



1

Visit the GSTN portal and fill in the application form meant for claiming refund.

2

You will receive an email or SMS which contains an acknowledgment number after the filing of application is done electronically.

3

The cash and return ledger will be adjusted and the "carry-forward input tax credit" will be reduced automatically.

4

The application for refund along with the documents you have submitted will be scrutinised by the authorities with a 30-day period after you have filed the refund application.

5

In case the refund claimed by the individual in excess of the predetermined amount of refund, a pre-audit process will be conducted before the refund is sanctioned.

6

The credit of the refund will be done electronically to the applicant’s account through NEFT, RTGS or ECS.

7

In case the amount of refund is below Rs.1000, no refund will be provided to the individual.


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FAQ



Unutilized input tax credit can be allowed as refund in accordance with the provisions of sub-section (3) of section 54 in the following situations: - (i) Zero rated supplies made without payment of tax; (ii) Where credit has accumulated on account of rate of tax on inputs being higher than the rate of taxes on output supplies (other than nil rated or fully exempt supplies).

Refund of unutilized input tax credit is not allowed in cases where the goods exported out of India are subjected to export duty-as per the second proviso to Section 54(3) of CGST/SGST Act.

No refund shall be granted if the amount is less than Rs.1000/-. [Sec.54 (14) of the CGST/SGST Act].

Deficiencies, if any, in the refund claim has to be pointed out within 15 days. A form GST RFD-03 will be issued by the proper officer to the applicant pointing out the deficiencies through the common portal electronically requiring him to file a refund application after rectification of such deficiencies.

A person claiming refund is required to file an application before the expiry of two years from the “relevant date “as given in the Explanation to section 54 of the CGST/SGST Act.



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