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GST Refund procedure for Tax Payers. Refund under GST is the process of reversal of taxes paid by the taxpayer, for one or the other reason. You can claim a refund of the tax that you paid if you are eligible for it, by filing a refund return form under GST.
Taxpayers & Tax Practitioners struggle around this provision of the GST Regime- GST Refunds. Despite being so important it remains to be a tedious task, & requires a deep understanding of the entire concept.GST Refund claim is vital for businesses to avoid any loss of funds through taxes.
In the Following Situations, Refund can be claimed in Goods and Services Tax (GST):
In order to claim a GST refund, you must first understand the GST refund forms & know what each form signifies.
There are a total of 10 Forms under GST Refund & we have listed them down explaining each one of them-
1. File for GST RFD 01 along with the required documents in Annexure 1 to the form.
2. The assessee shall receive an acknowledgement in GST RFD 02 if there are no problems with the application in GST RFD 01. In case of any issues, it will be communicated in GST RFD 03.
3. The Proper Officer may pass an order in GST RFD 04 sanctioning the amount due within 7 days from the date of the acknowledgement if the Proper Officer is prima facie satisfied.
4. The Proper Officer shall pass an order for refund in GST RFD 06 and issue a payment advice in form GST RFD 05 post which the amount automatically gets credited to the bank account of the registered person.
5. The order has to be passed within 60 days from the date of receiving a complete application.
6. In case of export supplies, the Act also provides for a provisional refund of 90% of the refund claim within 7 days of the date of the acknowledgement provided the supplier was not prosecuted in the 5 years immediately preceding the refund period.
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