one of our client have a huge amount of 3cr in electronic credic input balance. how can he claim the gst input.
is that filling of RF01 is the only way to get back.
what are the consequences.
7 Replies
Rahul Prasad
(CA Student)
(1683 Points)
Replied 16 March 2018
presently only exporters are getting refund for other refund process has not been started yet. when it comes you can take refund.
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 16 March 2018
No u can't claim refund , plz ref. sec 54 Cgst act
below few condition, refund can claim
Export of goods or services.
• Supplies to SEZs units and developers
• Deemed exports
• Refund of taxes on purchase made by UN or embassies etc.
• Refund arising on account of judgment, decree, order, or direction of the Appellate Authority, Appellate Tribunal, or any court.
• Refund of accumulated Input Tax Credit on account of inverted duty structure
• Finalization of provisional assessment
• Refund of pre-deposit
• Excess payment due to mistake.
below few condition, refund can claim
Export of goods or services.
• Supplies to SEZs units and developers
• Deemed exports
• Refund of taxes on purchase made by UN or embassies etc.
• Refund arising on account of judgment, decree, order, or direction of the Appellate Authority, Appellate Tribunal, or any court.
• Refund of accumulated Input Tax Credit on account of inverted duty structure
• Finalization of provisional assessment
• Refund of pre-deposit
• Excess payment due to mistake.
Rahul Prasad
(CA Student)
(1683 Points)
Replied 16 March 2018
it's may be you are correct in your sense but let's take an example that suppose I am manufacturer my raw material GST rate are higher than my finished good product suppose in this case I have more ITC available . then what circumstance may happen.
satya
(Executive Excise)
(1839 Points)
Replied 16 March 2018
yes, this scenario comes under "Inverted duty structure", you may get upto 60%... only
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 17 March 2018
Sir , for inverted tax structure the council has prescribe the list , if u fall under it then only u can claim refund under it
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