Question ID :
40488
GST refund
A firm has not availed GST refund for F Year 2017-18
GST Balance as per Credit Ledger was around 125000- as on 31-3-18
Now GST Balance is around same figure as on 31-3-2019. That means no refund can be claimed for 2018-19 now as during 2018-19 Input as well as Output Tax is same appx
This is case of Inverted duty structure.
Posted by
Mahesh Kumar
on
Nov 29, 2019
Filed Under
GST
Answer ID :
80280
If looked at logically what you say is right. However, you could calculate as per the provisions and see if there is any refund possibly arising.
Posted by
CA. SHILPI KATARIYA on
Dec 02, 2019
Answer ID :
80282
Sub-section (3) of section 54 of the CGST Act provides that refund of any unutilized ITC may be claimed where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies).
Thus eligibility to claim refund of ‘any’ unutilized input tax credit sets in when the rate of any one of the inputs is higher than the output.
Refer Rule 89(5) for formula for claiming refund.
Posted by
SHRAVAN KUMAR on
Dec 02, 2019