REFUND UNDER GST
The provisions pertaining to refund contained in GST law aim to streamline and standardized the refund procedures under GST regime.
Situations leading to refund claims :
*Inverted tax structure means where the rate on Inputs be higher than GST rate on output supplies (other than nil rated or fully exempt supplies).
Procedure for GST refund:
Following is the procedure for Application of refund:
Refund Amount (in case of Refund of Input tax credit)
The amount that would be given as refund would be least of the following:
Refund amount as per the computation in Table 3A
Balance input in electronic credit ledger
Tax credit availed during the period (i.e., which is claimed in 3B for the particular month)
Following is the way how the GST refund amount is calculated in the GSTN common portal.
Disclaimer:"The information contained herein is only for informational purpose and should not be considered for any particular instance or individual or entity. We have obtained information from publicly available sources, there can be no guarantee that such information is accurate as of the date it is received or it will continue to be accurate in future. No one should act on such information without obtaining professional advice after thorough examination of particular situation."
SSindhu. Kini. M
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Ankit C Shetty