All You Need To Know About GST Refunds
All You Need To Know About GST Refunds
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Introduction
- GST brings several taxes under one umbrella, making the system more efficient and effective. From time to time, the CBIC GST portal releases GST circulars and notifications regarding changes and updates to the system. Many of these are GST Refund circulars and Service Tax circulars. These GST Refund circulars ensure that taxpayers get their money back when they are charged extra wrongfully. Here’s a look at everything you need to know about GST refunds and GST clarifications.
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Who can claim a refund in GST?
- There are various reasons and scenarios in which you can claim a refund in GST per GST circulars. Here’s a look at a few scenarios wherein a claim for a refund may arise.
- Export of Goods/services
- Deemed export supplies
- Supply of goods/services to SEZ developers and units
- Purchase by UN, and other embassies
- Based on orders, or decrees by Tribunals
- For Input Tax Credit
- On finalisation of provisional assessment
- Pre-deposits
- Excessive payments
- International tourists who take goods abroad
- Refund vouchers on advance tax
- CGST and SGST refund during inter-and-intrastate supply
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When can GST refund be claimed?
- As per CBDT circulars, a claim for a GST refund must occur within two years of the relevant date. Also, as per Section 34 of the CGST Act, issuance of credit notes must occur within a stipulated time-frame. For the UN and other embassies, the application for refund of inward supply tax should happen before six months of the quarter wherein the goods or services were received.
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Does GST get refunded?
- Sometimes, people make mistakes while filing their GST challan. In such cases, people pay more than required as GST, and this reflects in their Electronic Cash Ledger. Such balances within the Ledger can claim as a refund. To do so, applicants must file RFD-01 through the CBIC GST Portal.
- As per the latest GST circular, between 20th March and 30th August 2020, the last date to issue an order for the refund application has been extended to 15 days from receiving notice, or by 31st August.
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How do I track my GST refunds
- Log into the CBIC GST Portal using valid credentials.
- Then, go to Services, choose Refunds and later Track Application Status.
- Choose the right fiscal year, or enter your refund application number.
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How do I file my GST refund online
- First and foremost, ensure you have registered under the GST scheme and have a valid GSTIN.
- Next, log in to the CBIC GST portal, and go to the Services menu.
- Click on Returns, choose the appropriate fiscal year and filing period.
- Choose which return to file, and then Prepare Online.
- Input the required information, click on Save, verify again and Submit.
- Next, go to the Payment tab and clear your liabilities through Offset Liability.
- Tick the declaration box and choose to authorise using DSC or EVC, and upload the file.
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