GST refund on accumulated ITC in two scenarios:
1. ITC on account of zero rated supplies
2. on account of inverted duty structure.
Unutilized ITC not allowed in : If supplier claims refund of output tax paid under IGST.
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company is 100% EOU, normally company not pay tax on export and claim input ITC as refund..
But few months company paid IGST on export and claimed refund. Now amount of IGST paid and claimed refund is very low than ITC for the same month. By that Electronic credit Ledger shows balance.
Can company apply for refund as Unutilized ITC after year end?
CAclubindia
