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Refund of Gst

17 June 2020

what happened in that case where gst input is higher then gst output.....is he eligible for refund of extra Gst paid by him.....

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20 Replies

Account Bird (157 Points)
Replied 17 June 2020

No sir, you can't claim refund of Extra GST paid, But you can adjust your input with your output tax liability, which may arise in future.

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KRISSHNAN KP (4215 Points)
Replied 17 June 2020

Excess of claim ITC is available for adjustment

vineet gupta (9 Points)
Replied 17 June 2020

That means he has to increase the profit margin to cover his gst input.....when there is no option of tax adjustment......
thanks....

Hemal Makwana (Designation) (771 Points)
Replied 17 June 2020

All experts , just one thought. Can't he opt for refund claim under inverted duty structure? Firstly need to understand nature of business.. whether he is eligible.

let me know if I am wrong

vineet gupta (9 Points)
Replied 17 June 2020

Nature of business is manufacturing

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Hemal Makwana (Designation) (771 Points)
Replied 17 June 2020

What is output rate and input rate

PADMAKAR (CA) (153 Points)
Replied 17 June 2020

According to section 54(3) of CGST Act , accumulated ITC can be claimed as refund for the supplies other than exempted supplies.
inverted duty structure is the other name for it.
so with respect to above explanation you can claim refund of the same. @ vineetgupta

vineet gupta (9 Points)
Replied 17 June 2020

Input 18 % and output 3%

PADMAKAR (CA) (153 Points)
Replied 17 June 2020

U can claim refund..

Hemal Makwana (Designation) (771 Points)
Replied 17 June 2020

You can avail refund of ITC

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vineet gupta (9 Points)
Replied 17 June 2020

Is it easy to claim refund....

Aswathi (accountant) (65 Points)
Replied 17 June 2020

Is Refund of ITC possible even if there has been no sales in last FY?

Gulshan Kumar (Sr. Accounts & Finance Executive) (7 Points)
Replied 17 June 2020

Hi,

I want to know one thing that if the Taxpayer adjusted all input with output GST and last he has to pay suppose 1 lakh to govt., and he dont have money to payment ( tax or Any charges ) then in this case what happened.

Please help on this.