GST Refund in India : GST Refund Process and Refund Time

GST Refund in India : GST Refund Process and Refund Time

GST Refund in India : GST Refund Process and Refund Time Details explained below. If you have any Doubts about GST Refund in India : GST Refund Process and Refund Time ask in comments section.

Introduction about GST Refund in India

As of now many people are tending their interest towards the concept of GST. And as everyone are bit familiar with the meaning and terms of GST here we are going to provide to you information on the GST Refund in India. We are sure that a large group of people are waiting to know the refund process and the refund time taken by government in case of GST. And here you will get all the needed information on this concept. As even a small delay in the refund of the GST would result in a major problem for the exporters or the manufacturers in taking control on their working capital and cash flow.

Circumstances for Refund in GST

• Additional tax payment by mistake or inadvertence.
• Export products of goods and service claimed for rebate or refund of accumulated input credit of duty when the export takes place.
• Finalization in provisional assessment
• Refund for pre-deposit for any appeal which also include pursuance of an appellate by authorities order.
• Credit accumulation because of output being nil-rated or exempted.
• Credit accumulation because to inverted duty structure
• Year end or volume based incentives give by the suppliers through credit notes
• Tax refunds for International tourist

Process of GST Refund in India

• • The application form for the refund claim is available in the GSTN Portal
  • With successful completion of submitting application form the applicant will be given acknowledgement number to the mobile number and email id provided by them.
  • There will be automatic adjustment in the cash ledger and reduce the carry forward input tax credit.
  • The application form will be verified in 30 days after successful submission of application.
  • The concept of unjust enrichment will be examined by the authorities to refund the application if they do not make any standard information
  • If the refund is more than the mentioned amount then it will go for another auditing process.
  • Refund process will be taken through electrical process such as ECS, RTGS or NEFT
  • Application can be made at end of each quarter.
  • Refund will not be made for amount less than Rs.1000/-

Delay in Refund of GST in India

As per the GST law and recommendation in India as per the Subramanian committee the refund process should be completed in 90 days and if the process is not completed the applicants can claim the refund amount along with 6% of interest.

Conclusion [GST Refund in India]

To the entire applicant the process for the refund of GST the authorities are making it faster and smoother so have patient and wait for your refund.