When can a SHIPBUILDING company claim GST refund...?? Where the company procuring their inputs in large scale and able to export after 2 or more years. Is it possible to claim accumulated ITC...? if yes, when and how? because companies working capital is being blocked.
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GST REFUND ON SHIPBUILDING AND SHIP REPAIRS (SBSR) INDUSTRY
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Shipbuilding companies can claim refunds for accumulated ITC by treating exports as zero-rated supplies. You must file a Letter of Undertaking (LUT) on the GST portal, ensure all GSTR filings are complete, and submit Form RFD-01 within two years of the relevant export date. The refund is calculated based on the proportion of your zero-rated turnover to your total turnover.
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