Besides, there is a process of GST refund, which, if not completed within the timelines, can affect the working capital and cash flow of the manufacturers and exporters. The government needs to provide a smooth process of the GST refund to ensure compliance. However, it is quite challenging for businesses to get refunds since stringent rules and regulations exist for the processing of refunds.
Nevertheless, fret not! Because KMS is here to support you with a faster and accurate GST refund process!
Being one of the top CA firms in Ahmedabad, we always focus on giving our clients the best in class services that reflect our values and vision of transparency, flawless, and professional work. Visit our CA website to understand and know more about our services and our company. Choose us for your business as the best deserves the best.
Understanding of the transactions for claiming gst refund
Our team of knowledgeable and experienced GST professionals helps the clients to understand the situations wherein the situation of GST refund arises so that clients are better aware of them. We assist the clients in categorizing the activities wherein the tax has been paid on the inward supply of goods and services, which have been exported or tax has been paid on inputs or input services used in goods and services that have been exported. We aid clients in identifying the transactions where there is unutilized input tax credit arising either due to inverted duty structure or output supplies being zero-rated supplies or exempt
Matching and uploading of invoices
The government has made it mandatory to match GST invoices for claiming any input tax credit. Our GST experts and professionals support the client companies in matching the relevant invoice and uploading it on the GST portal for the claim. It is our general practice to have all the invoices uploaded on an internal portal so that those can be directly added to the GST portal while claiming refunds. All the invoices for which GST has been paid must reflect in the form GSTR-2A.
Support in filing the application for the GST refund claim
We support our client companies in filling up the application form RFD-01 on the GSTN portal. Along with the application, it is also essential to submit the relevant documents that can justify and support the GST payments already done for the transaction. These documents vary depending on the category of the refund. We carefully analyze the relevant documents specific to the transaction and submit the same in time on the portal. Along with the application and relevant invoices, we also support clients in writing and filing declarations required to certify that the refund is due to the person, and the incidence of tax or interest that is claimed has not been shifted to another individual.
GST refund calculations
We use the expertise of our GST proficient people who are well versed with GST refund rules to obtain the accurate calculation of the refund amount in consultation with the internal team of the client that handled the relevant transaction. Furthermore, we provide the relevant CA certificate required to be submitted in case of GST refund claims exceeding INR 2.00 lakhs. We also track GST refund status for the GST refund applications made through us.
Some of the key GST refund situations are as follows:
- In the case of exports of goods without payment of tax, the unutilized input tax credit is refunded
- In the case of exports of services with payment of tax, the tax paid is refunded
- In the case of supplies made to SEZ unit or SEZ developer without payment of tax, the unutilized input tax credit is refunded
- In case of supplies made to SEZ unit or SEZ developer with payment of tax, the tax paid is refunded
- On account of accumulation due to the inverted tax structure, the unutilized input tax credit is refunded
- In the case of deemed export supplies, the tax paid by the supplier is refunded
- In the case of deemed export supplies, the recipient of tax paid is refundedExcess balance in electronic cash ledger is refunded
- Excess payment of tax is refunded
- In the case of intra-State supply which is subsequently held to be inter-State supply and vice versa, the tax paid is refunded
- Any pre-deposits for assessment/provisional assessment/appeal/any other order are refunded
- A court decision granting the refund
- Any other ground or reason found suitable to be refunded.
A person claiming the refund must submit the application within two years of the ‘relevant date,’ where the ‘relevant data’ is different in different cases:
- In the case of excess payment of GST, it is the date of payment
- In the case of finalization of provisional assessment, it is the date on which tax is adjusted
- In the case of export or deemed export of goods or services, it is the date of despatch or loading or passing the frontier
- In the case of the accumulated input tax credit, as the output is tax-exempt or nil-rated, it is the last date of the financial year to which the credit belongs