refund of amount

MILAN B. SHAH (consultant) (152 Points)

20 September 2017

hi

I have paid more gst on purchase and than on sales collection

how I can get refund of SAME?

please guide

thanks

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3 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 20 September 2017

FILE RETURN AND SHOW PAYABLE ON SALES AND ITC ON PURCHASES

IF ITC IS GREATER THAN PAYABLE SO IT WILL AUTOMATICALLY SHOW IN CREDIT LEDGER AT PORTAL

MILAN B. SHAH (consultant) (152 Points)
Replied 20 September 2017

ya it's true but how to get refund as it's always there as we have always more amount of gst on purchase

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 20 September 2017

Following are the procedures for processing of refund claimed-:

Application form for claiming refund can be filed through the GSTN portal.
An acknowledgement number would be shared with applicant via sms or email, once the application is filed electronically.
Adjustment would be made to return and cash ledger and reduce the “carry-forward input tax credit” automatically.
Refund application and documents submitted shall be scrutinized within a period of 30 days of filing the refund application.
Concept of “unjust enrichment” would be examined for reach refund application. If it does not qualify, then the refund would be transferred to CWF(consumer welfare fund).
If refund claimed exceeds the predetermined amount of refund then it will go through pre-audit process for sanctioning the refund.
Refund will be credited electronically to the account of applicant via ECS, RTGS or NEFT.
Application for refund can be made at end of each quarter.
No refund shall be provided for an amount of less than Rs 1000.