goods and services tax

The reply is subjective and depends on the context of the query.

Technically, refund and Input tax credit could not be equated and neither they should. First Where a registered supplier could avail Input tax credit of taxes paid on most of its input supplies, refunds can only be claimed in certain restricted cases. Second, Input tax credit could only be utilised for payment of output tax liability whereas in case of refund you claim and apply to the revenue to remit you back a certain sum in cash. Once you have applied for refund you will be eligible to adjust the said amount against the output tax liability. 

However, for the purpose of understanding you may treat them same. To a layman, both brings a similar effect. However, such an interpretation would result in absurd and preposterous meaing and thus must be avoided.