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Gst refunds

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thirupathi rao

21 Points Posted on 11 February 2021

services are eligible for refund under inverted duty structure

Replies (2)

Quick Summary

This discussion explains how businesses can claim GST refunds when they have accumulated Input Tax Credit (ITC) due to an inverted duty structure. This occurs when the tax rate on your business inputs is higher than the tax rate on your output supplies. The process involves filing your regular GST returns (GSTR-1 and GSTR-3B) and then submitting specific refund forms to claim the unutilised ITC.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 11 February 2021

Current GST return filing requires that every month, once GSTR-1 is filed to report Sales, one must file GSTR-3B to report the ITC and make necessary GST Payment. Also if a refund is required to be claimed the same can be done by filing relevant refund related forms.

debora M

BUSINESS DEVELOPMENT MANAGER

1382 Points Posted on 11 February 2021

Refund in case of Inverted Duty Structure under GST. A registered person may claim a refund of unutilized ITC on account of Inverted Duty Structure at the end of any tax period where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies.