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Refund of claim

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kiran

accounts manager

263 Points Posted on 11 August 2022

pls let me know,HOW and when to claim refund of inverted tax, which is hugely accumulating month by month after offsetting output tax liability since 3 years.Will it get lapsed ?

Replies (4)

Quick Summary

This discussion addresses how and when to claim a refund for accumulated input tax credits (ITC) under the inverted tax structure in GST. The refund must be claimed within two years from the due date of the relevant period to avoid lapsing. A specific formula is provided in GST law for calculation, and applications can be made online via the portal.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 11 August 2022

It will lapsed after two years from due date.

Salim Shaikh

17 Points Posted on 13 August 2022

Time limit for refund application is 2 years from the due date of the period to which you are claiming refund and for the calculation there is a formula given in GST Law for the same. so you have to understand the formula and make an application online on portal or you can ask us for the same.