Refund Types

1. Export Refund
2. Zero-Rated Supply Refund
3. Input Tax Credit (ITC) Refund
4. Excess Payment Refund
5. Refund of Tax Paid on Inverted Duty Structure

Refund Process

1. Application: File Form GST RFD-01 on GST portal.
2. Verification: Tax officer verifies application.
3. Refund Sanction: Refund ordered by tax officer.
4. Payment: Refund paid to applicant.

Refund Provisions

1. Section 54 of CGST Act, 2017: Refund provisions.
2. Rule 89-92 of CGST Rules, 2017: Refund rules.
3. Notification No. 21/2018-Central Tax: Refund notification.

Eligibility

1. Registered taxable person.
2. Exporter/Supplier of zero-rated supplies.
3. Person claiming ITC refund.
4. Person who has made excess payment.

Documents Required

1. GST RFD-01: Refund application.
2. GST INV-1: Invoice.
3. Shipping Bill.
4. Bill of Export.
5. Bank Account Details.

Time Limit

1. Application: Within 2 years from relevant date.
2. Refund: Within 60 days from application.

Refund Interest

1. Interest @ 6% p.a. on delayed refund.

Common Refund Errors

1. Incorrect application.
2. Incomplete documentation.
3. Delayed application.
4. Incorrect bank account details.

Best Practices

1. Consult GST experts.
2. Verify refund eligibility.
3. Maintain accurate records.
4. File refund application timely.

References

1. GST Act, 2017.
2. GST Rules, 2017.
3. CBIC notifications.

Additional Resources

1. GST portal (gst.gov.in).
2. CBIC website (cbic.gov.in).
3. GST consulting firms.

FAQs

1. How to file GST refund application?
2. What are refund provisions under GST?
3. What are documents required for GST refund?

For more information on GST & other taxation related topics, visit bizconsulting.io.