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TMI BlogRefunds - balance in E LedgerX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ? - Reply By MARIAPPAN GOVINDARAJAN - The Reply = In my view in your case no refund is possible. - Reply By Rajagopalan Ranganathan - The Reply = Sir, According to Section 54 (3) (ii) of CGST Act, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 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 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), except supplies of goods or services or both as may be n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otified by the Government on the recommendations of the Council. The refund application shall be made within two years from the 'relevant date'. According to Explanation 2 (e) of Section 54 of CGST Act, 2017 the 'relevant date' in the case of refund of unutilised input tax credit under sub-section (3), the end of the financial year in which such claim for refund arises. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply By KASTURI SETHI - The Reply = Dear Querist,. You fall in the exclusion Clause. It is also mentioned in ITC notification to the effect that refund 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Reply By Ramaswamy S - The Reply = Refund is allowed. Please refer to second proviso to Section 54(3) of the CGST Act It says refund of unutilised input tax credit is allowed under the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing situations: 1. Zero rated supplies made without payment of tax 2. where the credit 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 exempted supplies). Regards S.Ramaswamy - Refunds - balance in E Ledger - Query Started By: - S RAMAN Dated:- 4-11-2017 Goods and Services Tax - GST - Got 4 Replies - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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