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refund of unutilized ITC under GST after export under LUT

Goods and Services Tax - Started By: - BalKrishan Rakheja - Dated:- 9-4-2018 Last Replied Date:- 16-4-2018 - After exporting the goods under LUT and claimed refund for untilized ITC. As per formula refund amount comes to Rs. 50 Lacs but credit ledger .....

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= As per Section 54(3) of the CGST Act, 2017, a registered person may claim refund of unutilised input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished. Refund of unutilised input tax cr .....

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esh Jani - The Reply = Sir, in this regards, please refer Circular No. 37/11/2018-GST dated 15/03/2018. The relevant paras No. 11.1 and 11.2 is reproduced below 11.1 In many scenarios, exports may not have been made in that period in which the inputs .....

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g into account such scenarios, defines relevant period in the context of the refund claim and does not link it to a tax period. 11.2 In this regard, it is hereby clarified that the exporter, at his option, may file refund claim for one calendar month .....

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11.2. I request our experts to please clarify the issue that how to club and how to file the refund for quarters, as online it is for the month only. - Reply By BalKrishan Rakheja - The Reply = Thanks Harshal ji. I also agree with your views. - Reply .....

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r, you are requested to furnish the figures as per formula, than only proper reply can be given by our experts. However, if we think logically, the refund may be equal to or less than the input tax of value of exported goods. For example, if goods ex .....

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ose of accumulation of refund claim due out of of accumulated/unutilized credit at the end of respective month/quarter and also restriction on crossing over next financial year. As per Point No.11.2 the position is as under:- (1). If you file monthly .....

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t of refund claimed should not exceed the balance of credit lying at the end of quarter i.e. in which refund being claimed against the goods.exported in the respective quarter. (3) The refund due against the goods exported should not cross the releva .....

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