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GST REFUND

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What is GST Refund?

There are many cases where refund can be claimed. GST refund is a process When the GST paid is more than the GST liability by a registered taxpayer. we can claim GST refund after submit the refund application with GST portal.

Why do you need GST Refund?

GST Refund is required because company’s/ Assesses money get involved due to paying excess input tax more than GST liability. Cash flow also increases when we get GST refund.

Documents for GST Refund

  • GSTR 1 with table 6A.
  • Copy of All Purchase Bills
  • Copy of Packing List (Item Details)
  • Copy of Bill of Lading/Airway Bill
  • LUT (Letter of Undertaking)
  • Undertaking/Indemnity Bond to the effect that the dealer will refund the amount if paid in excess.
  • GSTR 03 B
  • Copy of All Sales Invoices and Export Invoices
  • Copy of Shipping Bills
  • Copy of EBRC/FIRC
  • Bank Statement
  • CA Certificate if GST refund more than 2 Lakhs.

Process Involved

  • STEP-1

Documentation

  • STEP-2

Preparation of documents

  • STEP-3

Filing of GST Refund application in (GST RFD -01

  • STEP-4

Received GST RFD-02 from department if department find the application in order.

  • STEP-5

In case any issue in GST refund application will be communicated to assessee in GST RFD 03 by department within 7 Days from filling of GST RFD-01.

  • STEP-6

If GST RFD -01 is in order, then Officer will pass an order in GST RFD-04 sanctioning the amount due within 7 days from the date of acknowledgment of RFD-01.

  • STEP-7

The office will pass as order for refund in GST RFD 06 and issue a payment advice in GST RFD 05.

  • STEP-8

Order of RFD 05 may be passed within 60 days from the date of receiving a complete application.

  • STEP-9

The assessee receives the amount of refund within 7 days from the date of RFD 05.

FAQs

A registered person may claim refund of unutilized input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished. Thus, a taxpayer can claim refund of unutilized ITC on monthly basis.

No, any taxpayer can claim a refund of any tax, interest, penalty, fees or any other amount paid by him by filing an application electronically in FORM GST RFD-01 through the GST Common Portal or through a GST Facilitation Centre.

One can claim unutilized balance of GST as refund by filing the application. A certificate from the Cost Accountant or Chartered Accountant will required if the amount of refund exceeding Rs 2 lakhs. The GST refund application may then either undergo inspection or an audit, as the case may be.

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