When the GST (Goods and Service Tax) paid is more than the actual GST, the situation of claiming for a refund arises. GST Refund not only releases the blocked money but also facilitates trade and businesses. The process of claiming GST Refund is standardized and time bound to avoid any confusion. The situation of GST Refund can arise in many cases. Some of them are:
- Export of goods or services.
- Refund of tax paid on purchase made by UN or Embassies.
- Supplies to SEZ’s (Special Economic Zone) units and developers.
- Excess payment made due to mistake or omission.
- Tax Refund to International Tourists on goods purchased in India.
- Refund of pre-deposits.
- Deemed Exports.
- Finalization of provisional assessment.
- Refund of GST paid by considering the supply as intra-State supply which is subsequently held as inter-State supply and vice versa.
Almost every situation of claiming GST Refund is covered under the GST Regime. GST Refund is to be file online within 2 years from the relevant date. The application form for claiming the GST Refund is to be made in form RFD-01 certified by the CA. Also, the government is liable to pay an interest of 24%p.a. in case of delay in paying the refund.
If you want to get GST refund, or need any other assistance, contact us today!