While filing GST refunds, the taxpayer must submit a declaration that the GST refund amount will not be utilized or transferred to any third person or entity. In case the GST refunds is of more than five lakhs then the taxpayers filing for the GST refunds must provide additional document as an evidence that the said amount is paid by the taxpayer.
Processing of timely GST refunds will help businesses and facilitate trade through the release of blocked working capital funds. Under GST, a standardized system has been setup for making GST refund claims. The entire GST refund claim and processing is done online on the GST Portal. In this article, we look at when GST refund can be claimed by taxpayers.
GST refunds are processed normally within a period of 30 days from filing a GST refund forms. This period may alter in some cases depending on the amount of GST refunds to be processes. The GST claim application shall undergo a scrutiny or audit as maybe applicable and the said amount shall be processed to taxpayer's account when found eligible.
If a refund claim is made on account of exports or supply to SEZ, the relevant invoice pertaining to the transaction must be submitted. Along with the invoice, a statement containing the number and date of shipping bills or bills of export and the number and the date of the relevant export invoices, in a case where the refund is on account of export of goods must also be provided.
In case of GST refund on account of export of services, along with the tax invoices, the relevant bank realisation certificates evidencing receipt of payment in foreign currency is also required to be submitted.
In Addition to GST Registration, Get your two month GST Monthly Return Filing without any cost.
Talk to our GSTeZone.com team to clear all your doubts regarding GST Registration & GST Return Filing.
Simply fill in the form and we’ll get in touch.