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Refund in GST Law

Goods and Services Tax - GST - By: - Sanjeev Singhal - Dated:- 10-3-2017 Last Replied Date:- 10-3-2017 - Procedure of Refund in GST is time bound and if not paid in time will be subject to interest. It seems to be simple . Circumstances are defined under which tax payer shall be eligible to file for refund and same shall be process a per the prescribed law. Refund of GST is prescribed in Section- 48 of the Revised GST Law. Applicability and Procedure Any person may make an application to the pro .....

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aim refund of IGST/ SGST/CGST paid on inward supply before the expiry of six months from the last day of the month in which supply was received. Taxable person may claim unutilized input tax credit at the end of any tax period. But this can be claimed by only export unit including Zero rated supply . where the rate of input tax credit is higher than the output tax. No refund of input tax credit can be taken, if the export is on the payment of export duty. No refund of ITC shall be allowed if sup .....

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realization certificate or copy of FIRC. Documentary or such other evidence to substantiate that such tax and interest has not been passed on to any other person. A statement in Annexure -1 of Form -GST RFD-1 containing the no. and date on invoices received and issued during tax period in case where the claim is for refund of any unutilized ITC u/s 48[3]. It is further provided that if the refund claim is less than Rs.. 5 lacs, the above documentary evidences are not necessary. In that case, app .....

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to fund. The proper office shall issue the order u/s 48[5] within 60 days from the receipt of application. Application here means complete application containing all information. Irrespective of provision of section 48[5& 6] , the refund may be paid to applicant instead of credit to fund under following circumstances. Export of goods or services Refund of unutilized credit Refund on supply not provided wholly or partially for which invoice has not been issued. Refund in accordance with sect .....

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ere the claim pertains to refund from Electronic cash ledger ,the proper officer shall provide the Form- GST RFD-2 to the applicant as acknowledgement on the common portal. Claims other than electronic cash ledger, application shall be forward to proper officer who will examine the correctness of the application within 15 days of filing and acknowledge the same on Form-GST RFD -2 clearly stating the date of filing the application. Where any deficiency is noticed, the proper officer shall intimat .....

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