What is GST refund?
GST refund is the process of claiming back the taxes paid on goods or services under the GST regime. GST refund can be claimed by taxpayers who have paid more tax than they are liable to pay, or who have paid tax on exports or supplies to SEZs, or who have accumulated excess input tax credit due to inverted tax structure.
GST refund is governed under Section 54 of the CGST Act, 2017 , and the relevant rules and circulars issued by the government. GST refund can be claimed online through the GST portal by filing the relevant forms and furnishing the required documents.
Who can claim GST refund?
GST refund can be claimed by various persons under different scenarios, such as:
- Exporters of goods or services who have paid IGST on their exports or who have exported under bond or letter of undertaking without payment of IGST.
- Suppliers to SEZ units or developers who have paid IGST on their supplies or who have supplied under bond or letter of undertaking without payment of IGST.
- Deemed exporters who have supplied goods to specified categories of persons, such as EOU, EHTP, STP, etc. and have paid GST on such supplies.
To Read More Click Here...