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GST Refund (F)


Refunds of tax

Refund refers to an amount that is due to the tax payer from the tax administration.

According to section 54 of the CGST Act, 2017, any person claiming refund of any tax and interest, if any, paid on such tax or any other amount paid by him, may make an application before the expiry of two years from the relevant date. If there is any balance in the electronic cash ledger or electronic credit ledger after payment of tax, interest, penalty, fee or any other amount payable may claim such refund in the return furnished under section 39. A specialised agency of the United Nations Organisation or any Multilateral Financial Institution and Organisation notified under the United Nations (Privileges and Immunities) Act, 1947, Consulate or Embassy of foreign countries or any other person or class of persons, as notified under Section 55, entitled to a refund of tax paid by it on inward supplies of goods or services or both, may make an application for such refund, in such form and manner as may be prescribed, before the expiry of six months from the last day of the quarter in which such supply was received. However, vide Notification No. 20/2018-C.T., dated 28-3-2018, in exercise of the powers conferred by section 148 of the said Act, the Central Government, has allowed the persons notified under Section 55 to file refund application before the expiry of eighteen months from the last date of the quarter in which such supply was received.

Type of auditing service we are providing

  • Statutory Audit of Companies
  • Tax Audit for companies, Trust, Society , Firm and Individual
  • Information System Audit
  • Internal Audit
  • Due Diligence
  • Financial Analysis services
  • Stock Audit
  • Physical Verification Services

Related Services

Section 54(3) of CGST Act, 2017 states that, subject to the provisions of section 54(10), a registered person may claim refund of any unutilised input tax credit at the end of any tax period, subject to provisions under the section in the following cases :

  • zero rated supplies made without payment of tax;
  • 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)
  • However, refund of unutilized input tax redit shall not be allowed in the following cases :
  • where the goods exported out of India are subjected to export duty:

if the supplier of goods or services or both avails of drawback in respect of central tax or claims refund of the integrated tax paid on such supplies.

Section 54(4), (5) & (7) mandate that after receipt of the application or declaration as the case may be, if the proper officer is satisfied that the whole or part of the amount claimed as refund is refundable, he may make an order within sixty days from the date of receipt of application and the amount so determined shall be credited to the Consumer Welfare Fund. However, the refundable amount shall, instead of being credited to the Fund, be paid to the applicant, if such amount is relatable to –

  • refund of tax paid on export of goods or services or both or on inputs or input services used in making such export;
  • refund of unutilised input tax credit under sub-section (3);
  • refund of tax paid on a supply which is not provided, either wholly or partially, and for which invoice has not been issued, or where a refund voucher has been issued;
  • refund of tax in pursuance of section 77;
  • the tax and interest, if any, or any other amount paid by the applicant, if he had not passed on the incidence of such tax and interest to any other person; or
  • the tax or interest borne by such other class of applicants as the Government may, on the recommendations of the Council, by notification, specify.

Tax accounting in the United States concentrates on the preparation, analysis and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialised accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting.

Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms.

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