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Claim your GST refund with us
India's Goods and Services Tax (GST) system transformed the tax landscape by consolidating multiple indirect taxes into one comprehensive tax. Although it simplifies the tax process, navigating GST refunds can still be complex. A GST Refund allows businesses or individuals to recover taxes paid in excess. Grasping the refund process is essential for sustaining your business's cash flow and compliance.
The GST Refund process includes several important steps, such as submitting the required documents and declarations to the GST authorities to request a refund. These refunds may be applicable in various situations, such as having an excess balance in the electronic cash ledger, taxes paid erroneously, or unused Input Tax Credit (ITC). The latter often builds up when tax credits cannot be applied against tax due to zero-rated sales or an inverted tax structure.
File Your Refund In Just One Day
At ZippTax, we focus on making the GST refund process straightforward and easy to access, ensuring you get your refunds quickly and without hassle. Our procedure starts with a thorough examination of your transactions by our team of experienced professionals, who carefully determine the maximum refund you qualify for. After this, we meticulously prepare and submit your refund application, ensuring all documentation adheres to the latest GST regulations.
We are dedicated to maintaining clear and open communication throughout the entire process. Our team keeps you updated at every stage and collaborates closely with tax authorities to ensure smooth approvals. This coordination is crucial for speeding up the refund disbursement, enabling you to access your funds sooner than anticipated. Read more...
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Am I Eligible?
GST refunds are available to different participants in the tax system, such as exporters, suppliers, and manufacturers. Situations that justify a refund include:
- Inverted duty structure where the input tax exceeds the output tax.
- Supplying to SEZs (Special Economic Zones) or SEZ developers.
- Exporting goods or services under rebate or bond.
- Over-payment caused by error or oversight.
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Textile / Pharma -
Exports of Goods
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Software and Service
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Refund Against Order
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Year Experience
Professionals
Clients Served
Cr Refund Processed
Types of GST Refunds
Explore the various GST refunds available for OVER-PAYMENTS, unused credits, zero-rated transactions, and inverted tax structures.
Inverted Duty Structure
Refund of Accumulated ITC due to tax rate on inward supplies higher than that of tax rate of outward supplies.
Exporters of Goods
GST Refund of Accumulated ITC on export of goods with out payment of tax under bond or Letter of Undertaking (LUT).
Service Exporters (LUT)
Refund of Accumulated ITC on export of service without payment of duty under bond or Letter of Undertaking (LUT)
Service Exporters
Refund of tax paid on Exports of service outside India with payment of duty.
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GST Refund
Frequently Asked Questions on GST Refunds.
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What is a GST Refund?
A GST refund is a repayment from the tax authority for any surplus GST paid beyond the taxpayer's actual tax obligation or the Accumulated ITC in their Input Credit Ledger. This situation can arise from overpayment, the export of goods or services, or other eligible circumstances under the GST regulations.
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Who is eligible for a refund?
Any taxpayer who has paid more tax than their actual liability is eligible for a refund. This includes exporters of goods and services, taxpayers under the inverted duty structure, and those who have accumulated input tax credits due to zero-rated supply.
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What is an inverted duty structure refund?
A refund for an inverted duty structure is applicable when the tax rate on inputs exceeds the tax rate on outputs. This results in the buildup of input tax credits, allowing businesses to request a refund for the surplus credit.
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How do you file an application for a refund?
To apply for a GST refund, you need to fill out the necessary forms and submit them via the GST portal. This process involves providing supporting documents for your refund request, including tax invoices, export documents, and a statement of input tax credits.
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Can I get a refund of my credit ledger balance at the end of the year or upon discontinuation of business?
No, there is no refund of accumulated ITC except for zero-rated supplies (export of goods or services without payment of duty).
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How do I get a refund for excess tax paid?
To obtain a refund for overpaid tax, you must submit a refund claim via the GST portal, detailing the reason for the refund, such as tax paid by mistake. You need to provide supporting documents and a calculation of the overpaid amount. Excess tax paid in cash will be refunded to your bank account, while tax paid using ITC will be re-credited to the Credit Ledger.
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What is a deficiency memo?
A deficiency memo is a notification sent by the GST authorities when there are inconsistencies or incomplete details in a refund application. It asks the applicant to correct these issues within a given time-frame and submit a new application for the same period.
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What are the reasons a sanctioned refund might not be credited to a bank account?
Possible reasons could be incorrect or incomplete bank account information, discrepancies between the bank account and GST registration details, or any outstanding demands with the GST department.
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Into which bank account will the refund be credited?
The refund will be deposited into the bank account associated with the taxpayer's GST registration. This account needs to be pre-validated and must have the correct IFSC linked in both the GST portal and the PFMS portal of the Government of India.
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