Refunds – balance in E Ledger
Query (Issue) Started By: – S RAMAN Dated:- 4-11-2017 Last Reply Date:- 13-11-2017 Goods and Services Tax – GST
Got 4 Replies
GST
We are paying 28% for our rawmaterials. GST for finished products is only 18% and there is credit in electronic ledger. What we need to know whether we have to apply for refund – if so when ?
\nReply By MARIAPPAN GOVINDARAJAN:
\nThe Reply:
\nIn my view in your case no refund is possible.
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nAccording to Section 54 (3) (ii) of CGST Act, 2017 "Subject to provisions of Section 54 (10) of CGST Act, 2017 a registered person may claim refund of any unutilised input tax credit at the end of any tax period where the credit has <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n fund on account of outflow is not allowed. However, it can be used for any taxable supply of goods and services. In these sub-sections so many 'ifs' and 'buts' are involved. In real sense or practically not permitted. One has to read sub sections word for word along with ITC notification issued originally in order to arrive at correct decision. Whatever you have depicted in your query, on that basis refund is not admissible. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Refunds – balance in E Ledger Query (Issue) Started By: – S RAMAN Dated:- 4-11-2017 Last Reply Date:- 13-11-2017 Goods and Services Tax – GSTGot 4 RepliesGSTWe are paying 28% for our rawmaterials. GST for finished products is only 18% and there is credit in electronic ledger. What we need to know whether we have … Continue reading “Refunds – balance in E Ledger”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-8529","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8529","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8529"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/8529\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ramaswamy S:
\nThe Reply:
\nRefund is allowed. Please refer to second proviso to Section 54(3) of the CGST Act
\nIt says refund of unutilised input tax credit is allowed under the following situations:
\n1. Zero rated supplies made without payment of tax
\n2. where the credit accumulated on account o<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n