Goods And Service Tax (B.Com) 3rd Sem Previous Year Solved Question Paper 2022

Refund under the Goods and Services Tax (GST) in India is governed by specific rules and procedures. The key rules and procedures for claiming a refund under GST are as follows:

1. Eligibility for Refund:
 - Export of Goods or Services: Refunds are available for taxes paid on goods or services exported out of India.
 - Inverted Duty Structure: When the GST rate on inputs is higher than the GST rate on the output supplies, a refund can be claimed.
 - Accumulation of Input Tax Credit (ITC): If there is an unutilized ITC due to the zero-rated supply or inverted duty structure.
 - Excess Payment: Any excess payment of GST can be claimed as a refund.

2. Application for Refund:
 - An eligible person should file a refund application electronically on the GST portal using Form RFD-01.
 - Different forms are prescribed for different refund categories, such as RFD-01A, RFD-01B, etc.

3. Time Limit for Filing:
 - Generally, refund applications must be filed within two years from the relevant date.
 - For an export refund, the time limit is within one year from the date of export.

4. Documents and Information:
 - Supporting documents and information should be attached to the refund application, including invoices, shipping bills, bank account details, etc.

5. Refund Sanction:
 - The proper officer will verify the application, and if everything is in order, the refund will be sanctioned.
 - In the case of export refunds, the amount is generally granted provisionally and later adjusted against the final refund.

6. Refund Payment:
 - The refund amount will be credited directly to the applicant’s bank account through the electronic payment system.

7. Refund Rejection:
 - If the refund application is incomplete or does not meet the required criteria, it may be rejected, and a show-cause notice will be issued.

8. Appeal Mechanism:
 - If the applicant disagrees with the refund decision, they can file an appeal with the appropriate authorities.

9. Interest on Delayed Refunds:
 - In case of delayed refunds, interest is payable as per the law