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Refund of excess itc credit under gst

Karthik (Accountant) (34 Points)

31 March 2019

We have excess balance in electronic credit ledger for 2018-19 financial year appx. more than 15 Lakhs including IGST CGST AND SGST, whereas in our case input tax rate is 18% and the output tax rate is 12%, thereby out input tax gets accumulates, so please guide me how to apply for a refund of excess credit in electronic credit ledger.

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2 Replies

ca.nsrawt (Legal Consultancy) (256 Points)
Replied 31 March 2019

After Annual Assessment you can apply for refund.
Regards,
Naveen Singh
9716822331

Priya Kashyap (Student) (7048 Points)
Replied 31 March 2019

Login to your GST account on the GST Portal.

Navigate to the Services > Refunds > Application for Refund option.

Click on Application for Refund.

In the refund application page, select the Refund on account of ITC accumulated due to Inverted Tax Structure radio button. You can also select and apply for other types of GST refunds from this page.

Select the tax period (year and month) for which the refund application needs to be filed below the GST refund types.

Click the CREATE button corresponding to your selected refund type.

In column-1 (Turnover of inverted rated supply of goods), enter the turnover of inverted rated supply of goods by referring to column-3.1(a) of the Form GSTR-3B.

In column-2 (Tax payable on such inverted rated supply of goods), enter the tax payable on such inverted rated supply of goods under the four major heads – IGST, CGST, SGST / UTGST, and CESS.

In column-3 (Adjusted total turnover), enter the adjusted total turnover.

In column-4 (Net input tax credit), enter the Net Input Tax credit figures for the major heads – IGST, CGST, SGST / UTGST, and CESS separately. The figures of Net Input Tax Credit (ITC) in column-4 may be taken from column-4(C) of the Form GSTR-3B respectively.

Step 3 – Unutilised Input Tax Credit RefundAfter filling the appropriate figures in the above table, the refund amounts will get auto-populated for all the four major heads, in the “Amount Eligible for Refund” Table. The amount of refund to be provided by the Government will be displayed in the Refund Claimed table.
Select Bank Account and Submit Application