I have Credit ledger of Rs. 5000 as CGST. Is there any possibility to get refund of such amount? please reply
ABHIJIT MANNA (ACCOUNTANT) (447 Points)
29 June 2020I have Credit ledger of Rs. 5000 as CGST. Is there any possibility to get refund of such amount? please reply
KRISSHNAN KP
(4215 Points)
Replied 29 June 2020
ABHIJIT MANNA
(ACCOUNTANT)
(447 Points)
Replied 30 June 2020
We have only IGST purchase which adjusted with our sales CGST & SGST, but every month we have also transport RCM, so excess credit ledger is such type of input.
Bhavika Kothari
(CA)
(1258 Points)
Replied 03 July 2020
GST law permits refund of unutilised ITC in two scenarios, namely if such credit accumulation is on account of zero rated supplies or on account of inverted duty structure, subject to certain exceptions.
Since this does not belong to any of them, the refund of such amount cannot be claimed via RFD-01
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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