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Refund of ITC

CA OM PRAKASH GUPTA (CA Practice ) (76 Points)

28 November 2020

What is the procedure to claim refund of ITC in case of a exporter. What documents are required
to substantiate the claim.

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4 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 28 November 2020

For detailed procedure, you can visit CBIC website

1 Like

praveen (accountant) (57 Points)
Replied 29 November 2020

For refund claim you may refer to the circular 125/44/2019 dated 18.11.2019 CT

1 Like

nayab (Sr.Officer Accounts ) (250 Points)
Replied 29 November 2020

1. collect all export BOE copies
2. prepare ITC report (excluding capx)
3.BGM Data against BOE
4.Export Documents against refund amount
5.draft copy RFD1
6.all documents verify with your GST circle office .
7.after verification GST Circle officer.after that's submit RFD 01 in online.
8.if Refund amount very high then again GST dept will issue the deficiency memo for further clarifications.

shahyar husain (1240 Points)
Replied 03 December 2020

The refund and/or interest sanctioned, if any, will be directly credited to the bank account of the applicant. The GST Law provides for multiple options to the zero rated suppliers to claim refund of taxes paid on the input side. One of the options is export under bond or LUT and claim refund of unutilised ITC. I hope this helps.