GST Refund

Introduction

Processing of timely GST refunds will help businesses and facilitate trade through the release of blocked working capital funds.

Under GST, the GST Council created a standardized system to process GST refund claims in a simple procedure for the taxpayers.

The entire GST refund claim and processing are done online on the GST Portal.

In this article, we look at when the GST refund can be claimed by taxpayers.

When GST Refund Can Be Claimed?

                                Export of goods or services.
Supplies to SEZs units and developers.
Deemed exports.
Refund of taxes on purchase made by UN or embassies etc.
Refund arising on account of judgment, decree, order or direction of the Appellate Authority, Appellate Tribunal or any court.
Refund of accumulated Input Tax Credit on account of inverted duty structure other than Nil rated or fully exempt supplies.
GST refund for sez supplies
Finalisation of provisional assessment.
Refund of pre-deposit.
Excess payment due to mistake.
Export of services under GST.
Refunds to International tourists of GST paid on goods in India and carried abroad at the time of their departure from India
Refund on account of issuance of refund vouchers for taxes paid on advances against which, goods or services have not been supplied.
Refund of CGST & SGST paid by treating the supply as intra-State supply which is subsequently held as inter-State supply and vice versa.

                            

Time Limit for Filing GST Refund Request

Under GST, the applicant should file GST refund claims within 2 years from the relevant date.

GST refund if the claim is in order, the refund has to be sanctioned within a period of 60 days from the date of receipt of the claim.

In GST refund Interest on the withheld refund shall apply at the rate of 6%. An interest rate of 9% per annum shall apply on the delayed refund (beyond 60 days, arising from the order of authority / court).

GST Refund

Introduction

When GST Refund Can Be Claimed?

Time Limit for Filing GST Refund Request

Have Any Questions?