{"id":30292,"date":"2020-04-03T18:45:53","date_gmt":"2020-04-03T13:15:53","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=30292"},"modified":"2024-06-05T17:57:11","modified_gmt":"2024-06-05T12:27:11","slug":"complete-synopsis-on-gst-refund-of-unutilised-input-tax-credit","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/complete-synopsis-on-gst-refund-of-unutilised-input-tax-credit\/","title":{"rendered":"Complete Synopsis on GST Refund of Unutilised Input Tax Credit"},"content":{"rendered":"<p class=\"has-drop-cap\">The input Tax credit is accumulated when the tax paid on inputs is more than the actual tax liability. The <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Accumulation&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Accumulation refers to the gradual increase or gathering of something over a period of time. In finance, it often pertains to the incremental growth of asset value or portfolio through multiple(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/accumulation\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>accumulation<\/a> process is generally carried over to the next financial year, till the registered person can utilise, this unutilised input tax credited for payment of output tax liability. This article describes Complete Synopsis on GST Refund of Unutilised Input Tax Credit.<\/p>\n\n\n\n<p><strong><em>The GST law allows refund of the unutilised input tax credit in two circumstances:<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li> Credit is accumulated on as a result of the making of zero-rated supplies, or <\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Supplier furnishes liability that is not required to which leads to claim in GST paid already.<\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><em>As prescribed in Section 54(3) of\nthe Central Goods and Service Tax Act (CGST), 2017, a registered individual can\nclaim refund of unutilised input tax credit during the end of any tax period. <p><em>For this tax period has been\ndefined as the time span for which the return needs to be furnished. Hence, a\ntaxpayer can claim refund of unutilised input credit on monthly <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a>.<\/em><\/p><\/em><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What is Input Tax Credit in GST?<\/h2>\n\n\n\n<p>Input Tax Credit also referred as ITC is the tax where a business pays while purchasing goods or supplies, and it can be used to reduce the tax liability when it makes a sale. In other words, businesses can reduce their output tax liability by claiming credit to the amount of GST paid on purchases for the entity. Goods and Services Tax (<strong><a href=\"https:\/\/enterslice.com\/gst-registration\">GST<\/a><\/strong>) is an incorporated tax system where every purchase by a business must be matched with a sale by another business.<\/p>\n\n\n\n<p>The introduction of\ninput tax credit in GST was to prevent cascading tax effect that is to prevent\ncharging of tax in each stage of the production of goods.<\/p>\n\n\n\n<p>The\nterm &lsquo;Input&rsquo; clearly specifies that any goods other than capital goods used or\nintended to be used in the business. The taxes paid on the internal supply of\ninputs, services and capital are called input taxes. These include an\nintegrated GST, State GST or Central GST.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Where is Refund of Input Tax Credit Allowed in GST?<\/h2>\n\n\n\n<p>Refund of unutilised input tax credit is permitted\nin the following two cases:<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"559\" height=\"277\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-1.png\" alt=\"Refund of unutilised input tax credit\" class=\"wp-image-30294\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-1.png 559w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-1-300x149.png 300w\" sizes=\"(max-width: 559px) 100vw, 559px\"\/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\">Zero Rated Supplies Made without Payment of Tax<\/h3>\n\n\n\n<p>By Zero rating it can\nbe clearly understood that the entire supply chain of a particular zero-rated\nsupply is tax-free which means that the burden of tax does not levy either on\nthe input tax side or on the output tax side.<\/p>\n\n\n\n<p>The basic nature of\nzero rating is to bring the Indian goods and services at par in the competitive\ninternational <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Market&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A market is a structured environment, either physical or virtual, where buyers and sellers convene to trade goods and services. This trading hub operates based on the principles of supply and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/market\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>market<\/a> by ensuring that taxes do not get added to the cost of\nexports.<\/p>\n\n\n\n<p>According to section\n16(3) of the Integrated Goods and Service Tax (IGST) Act, 2017-a registered\nperson under GST who makes zero rated supply can claim refund under either of\nthe options mentioned below:<\/p>\n\n\n\n<ul>\n<li>In case of supply of goods or services or both with respect to bond or letter of undertaking , which may be subject to the specified conditions, safeguards and procedures without paying the integrated tax and then claiming refund of untilised input tax credit as prescribed in Rule 96 of the <strong>CGST Rules<\/strong>.<\/li>\n\n\n\n<li>Supply of goods or services or both with respect to bond or letter of undertaking, which may be subject to the specified conditions, safeguards and procedures on payment of the integrated tax and then claiming refund of unutilized input tax credit. Here the supply is made after the payment of tax. <\/li>\n<\/ul>\n\n\n\n<div class=\"shadow2\"><em>In\nboth the cases, the registered person can apply for refund u\/s 54 of the CGST\nAct, 2017 read with Rule 89 or Rule 96, of the CGST Rules, 2017.<\/em><\/div><br>\n\n\n\n<h3 class=\"wp-block-heading\">Inverted Duty Structure<\/h3>\n\n\n\n<p>In\ncase of credit accumulation here, if the rate of tax charged on inputs is\nhigher than the rate of tax levied on output supplies (except nil rated or\nfully exempted supplies). Exception is made on the supplies of goods and\nservices as per the recommendations of the GST council or notification made by\nthe Government.<\/p>\n\n\n\n<p><em><strong>Some exemptions are made where the unutilised input tax credit is not refunded<\/strong><\/em><strong>:<\/strong><\/p>\n\n\n\n<ul>\n<li>Where the goods exported out of India\nare subjected to export duty.<\/li>\n\n\n\n<li>If the supplier of both the goods and\nservices avails drawback with respect to central tax or refund claims of the\nintegrated tax paid on such supplies.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What is the Time Period for\nclaiming Refund in Input Tax Credit?<\/h2>\n\n\n\n<p>The\napplication for refund must be made before the expiry of two years from the relevant\ndate.<\/p>\n\n\n\n<p><strong>Here the relevant date means:<\/strong><\/p>\n\n\n\n<ul>\n<li>Goods exported outside India where the\nrefund of tax paid is available in respect of goods themselves or, as the case\nmay be, the inputs or input services used in such goods,<\/li>\n\n\n\n<li><strong>Goods\nexported by sea or air<\/strong>&ndash; the relevant date is the date on\nwhich the ship or the aircraft in which such goods are loaded or the day when\nthe loaded goods departs from India.<\/li>\n\n\n\n<li><strong>In\ncase the goods are exported by roadways (land)<\/strong>\n&ndash; the relevant date here is the day when the goods pass the frontier.<\/li>\n\n\n\n<li><strong>In\ncase postal service is used to export goods<\/strong>&ndash; the relevant\ndate will be calculated when dispatch of goods by the Post Office is concerned\nto a place outside India.<\/li>\n\n\n\n<li>If the supply of goods &nbsp;is regarded as deemed exports &nbsp;and where the refund of tax paid is available\nin respect of the goods, the &nbsp;relevant\ndate will be the date on &nbsp;which the\nreturn relating to such deemed exports is furnished.<\/li>\n\n\n\n<li>Relevant date&nbsp; in case where the supply of services is\ncompleted before the receipt of payment will be , the date when the payment is\nreceived in convertible foreign exchange<\/li>\n\n\n\n<li>In case where payment for the services\nprovided is received in advance before the date of issue of the invoice, the\nissue of invoice.<\/li>\n<\/ul>\n\n\n\n<div class=\"read\"><p><b>Also, Read:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/how-to-calculate-gst-payments-and-refunds-in-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Calculate GST Payments and Refunds in India<\/a><\/mark>.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Exceptions where No Refund of Unutilised Input Tax Credit is Made?<\/h2>\n\n\n\n<p><strong><em>Unutilised tax credit will not be refunded in the following circumstances:<\/em><\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" loading=\"lazy\" width=\"597\" height=\"339\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-2.png\" alt=\"Unutilised tax credit will not be refunded\" class=\"wp-image-30295\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-2.png 597w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/Image-2-300x170.png 300w\" sizes=\"(max-width: 597px) 100vw, 597px\"\/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\">What are the Documentary Evidence Needed for Refund of Unutilised Input Tax\nCredit?<\/h3>\n\n\n\n<p>As\nper Section 54 of the Act, if the amount claimed is less than Rs. 2 lakh no\ndocumentary evidence needs to be filed. Only a declaration made by the applicant based on the documents\navailable is sufficient.<\/p>\n\n\n\n<p><strong><em>The application for refund must be attached with:<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>Documentary evidence to prove that a\nrefund is due to the applicant.<\/li>\n\n\n\n<li>Documentary evidence to establish that\nthe amount of tax and interest paid on tax or any other amount which is paid\nwith respect to which refund was claimed and also the incidence of that tax or\ninterest has not been passed to any other person.<\/li>\n<\/ul>\n\n\n\n<p><em><strong>The list of documementary evidence are as follows:<\/strong><\/em><\/p>\n\n\n\n<ul>\n<li>The reference number copy of the order which\nis passed by the proper officer, appellate authority, Appellate Tribunal or Court.<\/li>\n\n\n\n<li>A statement having the date and number\nof shipping bills, the bills of export and the number and the date of the\nrelevant export invoices, in a case where the refund is done for export of\ngoods.<\/li>\n\n\n\n<li>Statement containing the date of\ninvoices along with invoice number attached with relevant Bank Realisation\nCertificates or Foreign Inward Remittance Certificates where the refund is to\nbe made on account of the export of services.<\/li>\n\n\n\n<li>Statement\nwith date of invoice and invoice number along with the evidence with regard to\nthe endorsement if the supply of goods is made to a Special Economic Zone (SEZ)\nunit or to a Special Economic Zone developer.<\/li>\n\n\n\n<li>A\nstatement having the number and date of invoices as the evidence regarding the\nendorsement mentioned and the details of payment, along with the essential\nproof available.<\/li>\n\n\n\n<li>Declaration\nthat the registered person has not availed the input tax credit of the tax paid\nby the supplier of goods or services or both, in a case where the refund is on\naccount of supply of goods or services made to a Special Economic Zone unit or developer.<\/li>\n\n\n\n<li>A\nstatement with related evidences where the refund is to be made on account of\ndeemed exports.<\/li>\n\n\n\n<li>In\ncase of final assessment order, the reference number of the final assessment\norder along with a copy of the said order in a case where the refund is on\naccount of the finalisation of provisional assessment.<\/li>\n\n\n\n<li>Statement\ncontaining the details of the transactions considered as an intra-State supply\nbut which is later on held to be as inter-State supply.<\/li>\n\n\n\n<li>Statement\nshowing all the details of the amount of claimed on account of excess payment\nof tax.<\/li>\n\n\n\n<li>Declaration\nto show that the incidence of tax, interest or any other amount claimed as\nrefund is not passed on any other person where the amount of refund claimed\ndoes not exceed Rs. 2 lakh.<\/li>\n\n\n\n<li>Certificate\nin Annexure 2 of FORM GST RFD-01 issued by a chartered accountant or cost\naccountant to show that the incidence of tax, interest or any other amount\nclaimed as refund is not passed on any other person, where the amount of refund\nclaimed exceeds Rs.2 lakh.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Refund of Unutilised Input Tax Credit on Provisional Basis<\/h2>\n\n\n\n<p>According\nto S. 54(6) of the CGST Act, where the refund claim on account of zero rated supply\nof goods or services or both is made by the registered persons, other than the\ncategory of registered persons as notified by the Government on the\nrecommendations of the GST council, refund will be made on provisional basis on\n90% of the total amount claimed excluding the amount of the input tax credit\nprovisionally accepted.<\/p>\n\n\n\n<p>Here\nthe final order will be issued within a span of sixty days after receiving the\ncompletely filled application.<\/p>\n\n\n\n<p>As per <strong>Rule 91 under the CGST Rules, 2017<\/strong> -the provisional refund must be granted within 7 days from the date of acknowledgement of the tax refund claim.<\/p>\n\n\n\n<p>An order regarding the provisional refund claim must be issued in Form GST RFD 04 to be attached with the payment invoice and issued in the name of the claimant of refund in <strong>Form GST RFD 05<\/strong>. The refund amount will be credited electronically in the claimant&rsquo;s bank account. <\/p>\n\n\n\n<p>The\nrules also specifies that the provisional refund shall not be granted in case\nthe person claiming a refund has not been prosecuted for any offence under the\nact or in the previous law and the amount of evaded tax must have exceeded Rs.\n2, 50,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to Calculate the Refund Amount of the Unutilised Input Tax Credit?<\/h3>\n\n\n\n<p>The formula to grant refund\non account of zero rated supply is based on the following:<\/p>\n\n\n\n<div class=\"shadow1\"><b>&ldquo;Input tax credit\nRefund Amount = (Turnover of zero-rated supply of goods + Turnover of\nzero-rated supply of services) x Net ITC &divide; Adjusted Total Turnover&rdquo;.<\/b><\/div>\n\n\n\n<p><strong>Where,<\/strong><\/p>\n\n\n\n<ul>\n<li>Refund amount is the maximum refund available.<\/li>\n\n\n\n<li>Net ITC-is the <strong><a href=\"https:\/\/enterslice.com\/learning\/itc-rules-for-capital-goods-under-gst\/\">input tax credit<\/a><\/strong> which is availed on inputs and input services during the relevant period.<\/li>\n\n\n\n<li>The Turnover for zero rated supply of goods- is the exact value of zero rated supply of goods which is made during the relevant period without the payment of tax specified under bond or letter of undertaking.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Common Provisions for Refund of Accumulated Input Tax Credit for Both Types\nof Refund Applicants<\/h2>\n\n\n\n<p><em><strong>According to Rule 89(3) of CGST Rules, 2017<\/strong> &ndash;the credit ledger (electronic) shall be debited by an amount equal to the refund amount claimed by the applicant.<\/em><\/p>\n\n\n\n<p><em>As prescribed in <strong>Rule 94 of CGST Rules<\/strong>&ndash; Interest is to be paid for any delay in made in sanctioning of refund beyond the given period of 60 days. The refund or interest or both will be sanctioned directly to the bank account of the applicant<\/em>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cases Where Refund Amount is Not Credited to Consumer Welfare Fund<\/h2>\n\n\n\n<p>According to <strong>section 54(5) of the CGST Act<\/strong>, the amount of refund which is due to an applicant is credited to Consumer Welfare Fund by default. Such an amount is credited only when the authorised proper officer gets satisfied that the whole or a part of refund claimed is refundable. The case where the refund is not credited to Consumer Welfare Fund by default is mentioned below: <\/p>\n\n\n\n<ul>\n<li>Refund\nof tax on zero rated supply of goods or services or both on inputs or input\nservices used in making such zero-rated supplies.<\/li>\n\n\n\n<li>Refund\nof the unutilised input tax credit prescribed under s. 54(3) of the CGST Act.<\/li>\n\n\n\n<li>Refund on\nthe paid tax amount on supply for which the invoice was not issued or where the\nrefund voucher was issued.<\/li>\n\n\n\n<li>Refund\nof tax with respect to section 77.<\/li>\n\n\n\n<li>The tax\nand interest or any other amount which is paid by the applicant not passed to\nany other person.<\/li>\n\n\n\n<li>The tax\nor interest by such other class of applicants as specified by the Government. <\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What is the Process of Filing Refund of Unutilised Input Tax Credit?<\/h2>\n\n\n\n<p>The application to claim the refund of unutilised input tax credit is to be made using the GST portal. <strong>The process is explained below<\/strong>:<\/p>\n\n\n\n<p><strong>Step 1<\/strong>: In the GST Portal login into your account.<\/p>\n\n\n\n<p><strong>Step 2<\/strong>: Move to Services, then Refunds and then click on Application for Refund.<\/p>\n\n\n\n<p><strong>Step 3<\/strong>: Choose the option Refund of ITC on Export of Goods &amp; Services without Payment of Integrated Tax or on account of supplies made to SEZ unit\/SEZ developer (without payment of tax).<\/p>\n\n\n\n<p><strong>Step 4<\/strong>: Select and put the relevant financial year month for which the refund is to be generated and then click on Create. Refund application can be made only when a proper GST return is filed for that relevant period.<\/p>\n\n\n\n<p><strong>Step 5<\/strong>: Enter the details related to the Export of goods and\/or services as required under Statement 3. The offline utility is also provided by the department or JSON file can be generated by the software.<\/p>\n\n\n\n<p><strong>Step 6<\/strong>: The relevant amount must be entered in the boxes provided.<\/p>\n\n\n\n<p><strong>Step 7<\/strong>: The maximum refund amount will be automatically calculated on the basis of figures entered in the boxes.<\/p>\n\n\n\n<p><strong>Step 8<\/strong>: The breakup for refund requested under Integrated Tax, Central Tax, State or Union Territory Tax and Cess must be entered below.<\/p>\n\n\n\n<p><strong>Step 9<\/strong>: Click on Proceed button and submit the application using DSC or EVC.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion<\/h3>\n\n\n\n<p>The <strong>GST Law<\/strong> provides many options to the zero rated suppliers for claiming refund of taxes on the input side. One of the options provided is making of export under bond or Letter of undertaking and then claim refund of unutilised ITC. The law also mentions about refund of unutilised ITC where credit accumulation is on made on account of inverted duty structure. Some timelines are set for processing of refund claims where the claims are not settled within 60 days, an interest will be paid with an interest of 6%. Furthermore, 90% of the refund claim is to be paid within seven days of receipt of acknowledgment of claim on a provisional basis. Claim for refunds are filed with minimum documents and the refund amount is credited to the claimant&rsquo;s bank account directly. This process can be done online and without any hassle with minimum interference with the tax authorities.<\/p>\n\n\n\n<div class=\"read\"><p><b>See Our Recommendation:<\/b> <mark><a href=\"https:\/\/enterslice.com\/learning\/types-gst-return-due-dates-filing\/\">What are the types of GST Return &amp; due dates filing<\/a><\/mark>.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The input Tax credit is accumulated when the tax paid on inputs is more than the actual tax liability. The accumulation process is generally carried over to the next financial year, till the registered person can utilise, this unutilised input tax credited for payment of output tax liability. This article describes Complete Synopsis on GST [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":30315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[49,2560],"tags":[2877],"acf":{"service_id":"104"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Complete Synopsis on GST Refund of Unutilised Input Tax Credit-Enterslice<\/title>\n<meta name=\"description\" content=\"This article describes Complete Synopsis on GST Refund of Unutilised Input Tax Credit. 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In the initial days of her career, she has worked as a legal researcher and has 3+ years of experience.","postViews":492,"readingTime":9,"nextPost":{"id":30279,"slug":"all-about-forensic-audit-of-a-company-in-india"},"prevPost":{"id":30265,"slug":"all-about-the-factories-act-1948-in-india"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2020\/04\/GST-on-Refund-of-Unutilised-Input-Tax-Credit.jpg","postTerms":"GST","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/30292"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=30292"}],"version-history":[{"count":1,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/30292\/revisions"}],"predecessor-version":[{"id":86726,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/30292\/revisions\/86726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/30315"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=30292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=30292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=30292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}