Fixed assets SEZ unit Doubt help me

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3145 Points Joined November 2020
One private company is located in SEZ unit tidel park, one of that company Finance admin purchase some fixed assets with including GST...but that companies Accountant said GST would not attract as??

in this case scenario if the company pays the GST means does companies can refund the amount or if there is any question arise by GST department
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On 16 November 2024 at 06:40 Report
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

If a private company located in an SEZ unit purchases fixed assets with GST, the company may be eligible for a refund.

This is because SEZs are considered foreign territories for GST purposes, and any supply to an SEZ is considered a zero-rated supply.

However, there are certain conditions that need to be met in order to claim a refund.

 For instance, the supplier should issue a Letter of Undertaking (LUT) to the SEZ unit or developer, and the SEZ unit or developer should claim the refund within the stipulated time frame.

If the company has already paid GST on the fixed assets, it can claim a refund by filing a refund application with the GST department.

 However, if the GST department finds any discrepancies in the refund application, it may raise questions and delay the refund process.

 

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On 16 November 2024 at 13:38
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3145 Points Joined November 2020
@ rama chary honourable sir thanking you, can we apply this referred in GST portal for refund form?? which form
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On 16 November 2024 at 14:28
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Master in Accounts & high court Advocate
9434 Points Joined December 2011

Yes, you can apply for a refund on the GST portal using the appropriate form. The form you would use depends on the type of refund you are claiming.

 Here are some common forms used for refund claims: -

Form GST RFD-01: This form is used to claim a refund of excess balance in the electronic cash ledger. - Form GST RFD-01A: This form is used to claim a refund of excess payment of tax. -

Form GST RFD-02: This form is used to claim a refund of unutilized input tax credit (ITC). - Form GST RFD-02A: This form is used to claim a refund of unutilized ITC on account of exports without payment of tax.

To apply for a refund on the GST portal, follow these steps:

1. Log in to the GST portal with your credentials.

2. Go to the "Services" menu and select "Refunds".

3. Select the appropriate form for your refund claim.

4. Fill in the required details and upload the necessary documents.

5. Submit the form and wait for processing.

Note: Make sure you have all the required documents and information before applying for a 

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On 17 November 2024 at 14:13
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3145 Points Joined November 2020
@ honourable rama chary sir, as per now current GST rules what is the last deadline for to claim the input tax credit to claim input tax credit last deadline
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On 17 November 2024 at 14:32


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