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Gst refund

Suman Sarkar (Accountant) (124 Points)

07 September 2018

How to claim GST Refund of excess ITC? Please tell the proper process.....Thanx in advance.

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13 Replies

Kanika khetan (Sr. Associate) (331 Points)
Replied 07 September 2018

You can't claim refund of excess ITC under gst. It is to be utilized for payment of tax only.

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Vinod Babu (24191 Points)
Replied 07 September 2018

No ITC cannot be claimed. Better to utilize it for paying liabilities.

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 07 September 2018

Please elaborate the reason behind excess ITC, your business activity and payment details of GST.

Suman Sarkar (Accountant) (124 Points)
Replied 07 September 2018

my input credit is higher than the output that is why I have excess ITC. I am closing my company so where should I use this excess ITC?

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 07 September 2018

Arr you manufacturer?

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Suman Sarkar (Accountant) (124 Points)
Replied 07 September 2018

I have a construction business. Construction has been sold so the company is to be close. Now how to claim a refund of GST?

Rohit Tibrewal (Student & Senior Accountant) (3193 Points)
Replied 07 September 2018

You have not paid gst on Construction?

Suman Sarkar (Accountant) (124 Points)
Replied 07 September 2018

in the case of a construction project, there is no GST to be paid after getting clearance certificate. before CC we have made GST payment but that was tiny amount now we have excess ITC as we paid GST for the purchase of goods and services.

Vinod Babu (24191 Points)
Replied 07 September 2018

In normal case excess ITC will not be raised after the completion of work contract because raw material cost will be around 40% and balance % will be labour and profit of the work quoted amount. Do you have any closing stock?

ANIL (ACCOUNTANT) (50 Points)
Replied 07 September 2018

I HAVE BY MITSKAE FILE NIL GST REFUND PLEASE LET ME KNOW THE PROCEDURE HOW TO REVISED IT.

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ANIL (ACCOUNTANT) (50 Points)
Replied 07 September 2018

I HAVE BY MITSKAE FILE NIL GST REFUND GST RFD 01A ITC ON EXPORT OF GOODS AND SERVICES WITHOUT PAYMENT OF TAX.

PLEASE LET ME KNOW THE PROCEDURE HOW TO REVISED IT.

Suman Sarkar (Accountant) (124 Points)
Replied 08 September 2018

Yes I have closing Stock Vinod Sir.

jaigurudev (business) (395 Points)
Replied 09 September 2018

dear sir, due to server mistake my a/c debited 2 times for gst and later i filed RFD-01 but still i have not received my money bank.amount has been debited from credit ledger.please advice