GST Refund
The refunds under GST can be the cash balance
in the electronic cash ledger deposited in excess or tax paid by mistake or the
accumulated Input Tax Credit (ITC) unable to be utilised for tax payments due
to zero-rated sales or inverted tax structure.
The GST
refund process requires the taxpayer to follow elaborate steps, submit
documents and declaration if required, to the GST authorities for claiming a
GST refund. The refunds under GST can be the cash balance in
the electronic cash ledger deposited in excess
or tax paid by mistake or the accumulated Input Tax Credit (ITC) unable to be
utilised for tax payments due
to zero-rated sales or inverted tax structure.