GST Refund
Our hassle-free processes & GST experts shall help with your GST refund.
Get in touch with us today, to get more clarity on GST refunds & our service offerings.
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Get In Touch With Us To Know More About How We Can Help You With GST Refund
What is GST?
- GST is an indirect form of taxation levied on the supply of goods and services that was formed to abolish several other plethoras of indirect taxes in India. It aims to create a single domestic indirect tax law for the entire nation. This will create ease of tax collection, avoidance of double taxation and will increase the efficiency process. In GST, the final tax is borne by the customer.
Table Of Contents
Overview
The GST department has set up an efficient mechanism to facilitate timely GST refunds so that the businesses can release the stress on working capital cycle & focus on expanding their business. It is important to note that the Refund application will be entertained only if the application is filed within two years from the relevant date.
Related Read: An Overview On GST And 5 Ways GST Impacts Your Business
- One can claim a refund of GST amount under the following circumstances:
-
Export of Goods or Services including exports to SEZ’s units
Exports have been categorised as Zero-rated Supply in GST, and so the ITC paid on purchase for making the export is eligible for a refund. The exporter has two option:- Export without paying taxes under Bond/LUT & claim refund of Accumulated ITC OR
- Export with payment of taxes & claim refund
- On account of Input Tax Credit accumulated due to Inverted Duty Structure
-
Excess tax paid by Casual Taxable Person(CTP) or Non-resident taxable person(NRTP)
A CTP or NRTP has to pay taxes in advance while filing a registration application. It may happen that at the end of the registration period, the actual tax liability is less than the tax paid at the beginning. In such cases, the taxpayer can apply for a refund. - Excess credit in Electronic Cash Ledger
- Excess payment of tax
- On account of assessment/ appeal/ order etc
-
On account of tax paid by Embassies or UN bodies
In this case, the application needs to be filed within six months from the end of the quarter wherein such goods or services were received. - In case your refund case does not fall in any of the above circumstances, get in touch with our experts in order to understand your case.
Benefits
- Availability of blocked funds for business purpose
- Standardized & fully online process
- Time-bound process
- Interest on delayed refunds
Documents Required
- GST login credentials
- Details of Sales & ITC alongwith their invoices
- Full set of Export documents
- LUT/Bond in case of exports
- Declarations as specified by law
- Filed GST returns
- Reconciliation of ITC with Form 2A
- Other documents as required
Process
- Understanding your GST refund case
- Preparation of workings & documents
- Submission of online application
-
Officer will either reject
- Accept your application & process the refund
- Ask for more details
- Reject by issuing a deficiency memo
How will we help you?
- Our GST experts are here to help you with all you by providing the following refund services:
- Ascertain which type of refund applies to your entity from the above heads
- Prepare refund application form
- Draft documents & prepare workings
- Online filing of application
- Manual submissions, if required
- Reply to the officer in case of any deficiency or query
- Advisory on exports of goods or services with or without payment of tax
- Get in touch with us today, to get more clarity on GST refunds & our service offerings.
FAQs
In such cases, the government is required to pay you an interest of 24% per annum on your refund amount for each day of delay.
Yes, in some instances CA certificates are required while applying for a refund under GST law.
You will always get all your GST refund in your Bank account to maintain transparency.
A Letter of Undertaking (LUT) or Export bond is a document that exporters can file to export goods or services without having to pay taxes. LUT can be filled online
When your purchases are taxed at a higher rate compared to your sales, then it is evident that you will always have more ITC to cover your output. In such cases, you can claim a refund of your Excess ITC.
Speak to our experts who shall solve all your doubts.
Call us at +91 7738 066 334 or Mail us at info@indiacompanyincorporation.com
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