Hi,
I would like to seek your opinion on the below mentioned query.
There is a organization manufacturing the good(s) which are not subject to GST, however the inputs require for making the goods is liable to different rates of GST. Due to this on GST portal a lot of ITC has accumulated over time as tax payable on final product is NIL whereas the same is being levied on the inputs used in making the final product.
Please suggest if there is any provision in the GST to claim refund of such GST or how to reduce the input GST from GSTIN portal.
Thanks
Hey @garg.pulkit131,
To claim a refund you can use the GST RFD-01 form on the GST Portal. In the form, you will have to mention the turnover for goods or services with zero taxes and the total adjusted turnover for the specific period you’re applying for.
Hope this helps!
Is there any restriction on the claim of Refund of in case of Inverted Tax Structure or can it be claimed by anyone having Inverted Tax Structure in GST?
Hello @garg.pulkit131
Refund of unutilized ITC on account of inverted tax structure or exempt supplies can be claimed by anyone having such kind of GST structure.
Thanks @Priyanshu_Agarwal
Could you pls share the brief process for claiming the refund along with the statutory provisions in case if you have the same handy?
Hello @garg.pulkit131
You can refer Section 54 of CGST Act, 2017 along with rule 89 of CGST Rules for understanding all the statutory process and legislative rules for claiming the refund.
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@Priyanshu_Agarwal Thank You so much for the details