TMI BlogGST — Refunds — Clarification on refund related issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... und amount. The same is reproduced hereunder. 3. System validations in calculating refund amount 3.1. Currently, in case of refund of unutilized input tax credit (ITC for short), the common portal calculates the refundable amount as the least of the following amounts: a) The maximum refund amount as per the formula in rule 89(4) or rule 89(5) of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules ) [formula is applied on the consolidated amount of ITC, i.e. Central tax + State tax/ Union Territory tax +lntegrated tax + Cess (wherever applicable)]; b) The balance in the electronic credit ledger of the claimant at the end of the tax period for which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in FORM GST RFD-01A is generated. 3.5. Further, it may be noted that the refund application can be filed only after the electronic credit ledger has been debited in the manner specified in para 3.2 (read with para 3.3) above, and the ARN is generated on the common portal. 2. As the procedure described is not presently available in common portal, the tax payers is required to enter the eligible refund amounts manually i.e., the least of the amount derived vide Para 3.1 (a) or (b) or (c) of the above referred circular. After calculating the least of three amounts, the equivalent amount is to be debited from the electronic credit ledger of the claimant in the following order: a) Integrated tax, to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of filing of refund application Refund to be claimed as per Para 3.2 of ibid circular (1) (2) (3) (4) IGST 320000 350000 300000 CGST 100000 90000 0 SGST 110000 88000 0 Total 530000 528000 3000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) IGST 160000 0 0 CGST 300000 80000 75000 SGST 290000 280000 75000 Total 750000 510000 300000 4. All the Trade Associations are requested to bring the contents of the Trade Notice to all concerned. (M. SRINIVAS) PRINCIPAL COMMISSIONER - Circular - Trade Notice - Pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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