What is GST refund?
Usually when the GST paid is more than the GST liability a situation of claiming GST refund arises. Under GST the process of claiming a refund is standardized to avoid confusion. The process is online and time limits have also been set for the same.
When can the refund be claimed?
There are many cases where refund can be claimed. Here are some of them – •Excess payment of tax is made due to mistake or omission. Dealer Exports (including deemed export) goods/services under claim of rebate or Refund ITC accumulation due to output being tax exempt or nil-rated Refund of tax paid on purchases made by Embassies or UN bodies Tax Refund for International Tourists Finalization of provisional assessment.
Refund application contains some deficiency?
If the applicant’s refund application contains some deficiency, the proper officer is required to communicate such deficiency by electronically issuing Form GST RFD-03. Form GST RFD-03 is also known as a deficiency memo Once a deficiency memo (Form GST RFD-03) is issued, applicant needs to file a fresh refund application. After successful filing, fresh ARN will be generated. In case of refund of documents declared in statement for a refund application, applicant will beable to use the same documents again in the fresh refund application.
