What is the meaning of GST Refund?
GST Refund means getting back the amount of GST already paid to government. It is a situation where a person extra pay or have balance of accumulated input tax credit in their electronic credit ledger, and in that case he can apply for refund of extra amount paid to government or accumulated input tax credit.
Who can claim GST Refund?
Following person can claim the refund of GST
1. Exporter of Goods/ Services.
2. Supplier of Goods/ Services to SEZ unit/ Developer of SEZ unit.
3. Any person, in case of Deemed export
4. Excess payment made
5. Person who deals in Inverted duty structure goods.
What are the conditions for claiming GST refund?
Following are the conditions for claiming GST Refund
(1) Any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years from the relevant date
(2) A registered person may claim refund of any unutilized input tax credit
Note: no refund of unutilized input tax credit shall be allowed under sub-section (3) of section 54 of the said Central Goods and Services Tax Act, in case of supply of services specified in sub-item (b) of item 5 of Schedule II of the Central Goods and Services Tax Act.
What is the procedure of GST Refund?
What is the cost of GST Refund?
What are the documents required for GST Refund?
Following is the list of documents required for refund of GST amount
1. a statement containing the number and date of shipping bills or bills of export and the number and the date of the relevant export invoices, in a case where the refund is on account of export of goods;
2. a statement containing the number and date of invoices and the relevant Bank Realisation Certificates or Foreign Inward Remittance Certificates, as the case may be, in a case where the refund is on account of the export of services;
3. a statement containing the number and date of invoices as provided in rule 46 along with the evidence regarding the endorsement specified in the second proviso to sub-rule (1) in the case of the supply of goods made to a Special Economic Zone unit or a Special Economic Zone developer;
4. a declaration to the effect that tax has not been collected from the Special Economic Zone unit or the Special Economic Zone developer, in a case where the refund is on account of supply of goods or services or both made to a Special Economic Zone unit or a Special Economic Zone developer;
5. a statement containing the number and date of invoices along with such other evidence as may be notified in this behalf, in a case where the refund is on account of deemed exports;
6. a statement showing the details of transactions considered as intra-State supply but which is subsequently held to be inter-State supply;
7. a statement showing the details of the amount of claim on account of excess payment of tax;
8. a declaration to the effect that the incidence of tax, interest or any other amount claimed as refund has not been passed on to any other person, in a case where the amount of refund claimed does not exceed two lakh rupees.
What is the time limit for apply of GST Refund?
Any person claiming refund of accumulated input tax credit or amount of tax paid by him can file the application before the expiry of two years from the relevant date.
How many does it takes to get GST Refund?
As per the GST Act, 2017 and rules made there under, the proper officer shall issue the order within sixty days from the date of receipt of application complete in all respects. Amount of Refund shall be credited within sixty days of passing of order.
What happens in case refund is not credited in time limit specified?
If refund amount is not credited in the account of applicant within 60days of passing of order then, interest @6% shall be payable in respect of such refund from the date immediately after the expiry of sixty days from the date of receipt of application under the said sub-section till the date of refund of such tax.