GST Refund Services

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GST refund involves serious complexities and required many documentation and that too if not refund timely created cash flow problems for company. GST refund is also required to be done timely. K M GATECHA & CO LLP provides best GST refund services in Ahmedabad.At K. M. Gatecha & Co. LLP., we have an expert team to manage our clients’ GST returns preparation, filing and returns. We make sure the process is efficient, time bound and hassle free for our clients.We believe in providing complete information about the services they are looking to avail from K. M. Gatecha & Co. LLP.GST refund service is one of the many services that we provide to our clients and so we believe that we should provide complete information regarding the same.

Refund of unutilized ITC

Services provided by K. M. Gatecha & Co. LLP relating to GST refunds:

  • Understanding the requirement for filing of GST refund,
  • Deciding whether GST refund can/should be filed or not,
  • Collection of documents,
  • Filing of GST refund,
  • Following up and reporting status of GST refund,
  • Co-ordinating with GST office regarding the refund.

 

What is GST?

GST (Goods and Services Tax) is the taxation structure that replaced many other taxes such as Excise duty, VAT, Sales tax, cess etc. on 1st July,2017.

GST classifies most of the Goods and services into different slabs of taxation (i.e., 0%,5%,12% and 18%) so as to simplify the process of taxation, filing and also reduce the paperwork or workload on the taxpayers.

Any business, HUF or individual with a turnover in excess of INR 40lakhs (in case of goods) and INR 20lakhs in case of services have to register for GST and file GST returns.

 

In what situations does an entity or individual need to file for GST refunds?

The various situations that can result in needing to apply for refund claim are as follows (please note we do try to cover all reasons but there might be other reasons as well): –

  • Refund of taxes when embassies make purchases,
  • Excess payment due to error by taxpayer,
  • Finalization of provisional assessment,
  • Sales which are later deemed as exports,
  • Refund of pre-deposit,
  • Accrued input tax credit due to inverted tax structure,
  • Refund due to any judgement, direction or decree of The Appellate Tribunal, or any court of law,
  • Supply to any developer and units in Special Economic Zones (SEZs)
  • Export of commodities or services,
  • Refund of IGST to international tourist.

Refund Process

  • Refund can only be applied for at end of each quarter,
  • Filling form on GSTIN portal,
  • Receipt of acknowledgement number on SMS and Email,
  • The cash and return ledger will be adjusted in claimed amount,
  • The application and document submitted will be scrutinized by authorities within 30-days of application (provided it is not deemed as “Unjust Enrichment” which indicates that one is unjustly profiting at expense of the other),
    • If the refund is deemed as unjust enrichment, then the refund is transferred to Consumer Welfare Fund.
  • In case the refund claimed is more than predetermine amount then pre-audit will be conducted before refund is sanctioned.
  • Refund is processed through NEFT, RTGS or ECS.
  • If refund is below INR 1000 then no refund will be issued.

Documents required

  • Basic Documents: –
    • Statement of relevant invoices showing the base for claim of refund.
  • For Export of services: –
    • Relevant bank realization certificates.
  • For sale to operators in Special Economic Zones (SEZs): –
    • Endorsement by authorized officer, verifying the receipt of commodities,
    • Declaration by SEZ unit, stating that Input Tax Credit of the tax paid by supplier has not been availed.
GST return filing consultancy services

Understanding the nature of the transaction and reconciling input tax credit

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best GST audit services in ahmedabad

GST refund calculation and filing application

We help in the calculation of the exact amount of refund by using our GST experts and by coordinating with the executive of a client who handled GST work.

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FAQS

Who is eligible for GST refund?

GST Taxpayer who has paid more tax than liable are eligible for GST refund.

In which situations can we get GST refund?

Every financial entity has heavy transactions daily hence it requires continuous monitoring. Hence it requires a concurrent audit for the bank.

 

Let's discuss

    Any organization or Individual can apply for GST refund at the end of each quarter if eligible.

    Under the gambit of GST, GST refund claims can be filed within 2 years from payment of GST.

    A refund must be sanctioned within a period of 60 days from the date of receipt of claim, according to law.

    The minimum amount for apply and receiving GST refund is 1000 INR.

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    What is GST?

    GST (Goods and Services Tax) is the taxation structure that replaced many other taxes such as Excise duty, VAT, Sales tax, cess etc. on 1st July,2017.

    GST classifies most of the Goods and services into different slabs of taxation (i.e., 0%,5%,12% and 18%) so as to simplify the process of taxation, filing and also reduce the paperwork or workload on the taxpayers.

    Any business, HUF or individual with a turnover in excess of INR 40lakhs (in case of goods) and INR 20lakhs in case of services have to register for GST and file GST returns.

     

    In what situations does an entity or individual need to file for GST refunds?

    The various situations that can result in needing to apply for refund claim are as follows (please note we do try to cover all reasons but there might be other reasons as well): –

    • Refund of taxes when embassies make purchases,
    • Excess payment due to error by taxpayer,
    • Finalization of provisional assessment,
    • Sales which are later deemed as exports,
    • Refund of pre-deposit,
    • Accrued input tax credit due to inverted tax structure,
    • Refund due to any judgement, direction or decree of The Appellate Tribunal, or any court of law,
    • Supply to any developer and units in Special Economic Zones (SEZs)
    • Export of commodities or services,
    • Refund of IGST to international tourist.

    Refund Process

    • Refund can only be applied for at end of each quarter,
    • Filling form on GSTIN portal,
    • Receipt of acknowledgement number on SMS and Email,
    • The cash and return ledger will be adjusted in claimed amount,
    • The application and document submitted will be scrutinized by authorities within 30-days of application (provided it is not deemed as “Unjust Enrichment” which indicates that one is unjustly profiting at expense of the other),
      • If the refund is deemed as unjust enrichment, then the refund is transferred to Consumer Welfare Fund.
    • In case the refund claimed is more than predetermine amount then pre-audit will be conducted before refund is sanctioned.
    • Refund is processed through NEFT, RTGS or ECS.
    • If refund is below INR 1000 then no refund will be issued.

    Documents required

    • Basic Documents: –
      • Statement of relevant invoices showing the base for claim of refund.
    • For Export of services: –
      • Relevant bank realization certificates.
    • For sale to operators in Special Economic Zones (SEZs): –
      • Endorsement by authorized officer, verifying the receipt of commodities,
      • Declaration by SEZ unit, stating that Input Tax Credit of the tax paid by supplier has not been availed.

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