Refund of accumulated gst input credit balance

SHUBHADEEP BANERJEE (Chartered Accountant) (24 Points)

11 January 2019  
  • Company is in the business of trading imported coal in India.
  • At the time of import following GST are paid:
    • IGST @ 5% plus cess @ Rs. 400/MT
    • Ocean freight 0.5% of CIF value through Reverse Charge Mechanism
  • Company takes input credit of all.
  • After that company incurs stevedoring charges in which 18% GST is collected by CHA.
  • Now company sells coal in which GST @ 5% plus cess @ Rs. 400/MT are collected.
  • In current year company has suffered huge loss for which after selling of all stock, Rs. 50 Crore GST input is still unutilized.
  • Now, how remaining GST input can be utilized or is there any way to claim refund from Government? Is inverted GST rate against Stevedoring charges can be claimed as refund?