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GST (Goods and Services Tax) refund can be defined as the excess money that you have paid with respect to your tax liabilities in this regard. As per GST rules and regulations this process has been standardized so as to avoid any confusion in this particular regard. The process can be completed online and there is also a definite time period that has been determined for the same. If you want to know how I can get my GST refund read on and know more.
Who can claim GST refund?
All dealers who have registered for GST can claim refunds in this case. A registered dealer who is supposed to pay the tax as per RCM (Reverse Change Mechanism) can file for the refund as well.
Similarly, an ecommerce operator who is supposed to pay and collect TCS (Tax Collected at Source) can claim a refund. Dealers who deduct TDS (Taxes Deducted at Source) can be included in this group too. Dealers who export or whose work is deemed an export under GST rules can claim refund or rebate for their goods and services.
Embassies and bodies under the aegis of UN (United Nations) can claim refund for the tax they have paid on various purchases. International tourists can claim tax refund as well. If you wish to know how to claim GST refund in Bangalorethese are things that you need to know.
When can the refund be claimed?
There are several cases where you can claim a refund on your GST payment. Normally, you can do so when you have made excess payment of tax because of an omission or mistake.
If you have accumulated ITC (Input Tax Credit) being the output is either nil rated or exempted from taxation. You can also claim these refunds once your provisional assessment has been finalized. If you wish to apply GST refund in Bangalore you need to know this as well.
What is the time limit for claiming the tax refund?
You can claim a GST refund within 2 years of having made the payment starting from a relevant date.
You need to remember that the relevant date in this regard tends to differ with respect to the cause for which the refund is being claimed. Following are the relevant dates for some kinds of cases:
Extra payment of GST – date when the payment was made
Export or deemed export of goods and services – date of despatch, passing the frontier, or loading
Accumulation of ITC because output is nil rated or tax exempt – last date of the financial year of said credit
Finalization of provisional assessment – date on which the tax has been adjusted
In case there is a delay in paying your refund you would receive an interest of 24 per cent per year on the same.
Documents needed to get GST refund
The following documents need to be furnished in order to claim GST refunds:
In case of exports:
Invoice of transaction
Statement that contains the date and the number of shipping bills or bills of export, and the date and the number of relevant export invoices
Tax invoices
Relevant bank realization certificates that show receipt of payment in foreign currency
In case of supply to SEZ (Special Economic Zone):
An endorsement from the Proper Officer that shows receipt of such goods and services by the SEZ
Tax invoice
Declaration from the SEZ unit that they have not received ITC for the tax that the supplier has paid
In case of accumulated ITC:
A statement that contains invoice details as has been stated in GST refund rules
In case of refund on account of judgment or order of a court or an appellate authority:
Reference number of the order that has given rise to the refund
Relevant tax invoices
How to claim GST refund?
As you know, you need to do it on online portal of GST and file the refund application in the form RFD-01 within 2 years of the date that is deemed relevant in your case. The form also needs to be certified by a CA (Chartered Accountant).
In the first step you would need to log on to the GST portal. After that you would have to follow this path – Services > Refund > Application for Refund. After this you would have to choose Refund of Excess Balance in Electronic Cash Ledger. After this you have to click on Create. Once you have clicked that button a screen will appear.
This screen will reflect all the balances in the Electronic Cash Ledger. You can claim them as refund. There is an editable table here named Refund Claimed. You can enter the refund values over here as well.
After this you would have to select the bank account where you would want the refund to be credited. This needs to be done from a drop down menu. Once this is done you need to click on Save. After this you would have to click on the checkbox that is located in the declaration section. A drop down would come and from there you would have to choose the Authorized Signatory.
On the basis of the kind of organization that you are, you would need to click on Submit with DSC or Submit with EVC. DSC stands for Digital Signature Certificate and EVC stands for Electronic Verification Code. Once you have filed the form you would receive the Refund ARN (Application Reference Number) Receipt. This would be generated in the PDF (Portable Document Format) format. A GST officer would perform the necessary inspections and the money would be credited to your account.
