what is relevant date for gst refund

STEP 2: After the application is filled by the taxpayer, the details and the acknowledgement will be auto-generated in Form RFD-02. Although Section 54(1) talks about refund of tax paid into Govt Treasury but Section 54(14)(2)(h) does not specifically contemplates the date of payment of excess or wrong tax for calculating limitation period. Time Limit for claiming GST refund. India: “India” means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and sub-soil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976, and the air space above its territory and territorial waters. GST refund as a result of judgment- The date of announcement of such a judgment or order. Explanation2 to section 54 of CGST Act, Relevant Date means in the case of goods exported out of India where a refund of tax paid is available in respect of the goods themselves or, the inputs or input services used in such goods :- Under GST any person claiming the refund of the tax, or the interest paid should make an application within a period of two years from the relevant date using the Form GST RFD-01 electronically. In this article, we look at relevant date for GST refunds in detail. Time period to Claim the refund: In case of refund as mentioned in point no. The relevant date for unutilised ITC should be the date of end of FY period, which is applicable as per existing CGST Act 2017. Save my name, email, and website in this browser for the next time I comment. Timing to claim refund. Any individual registered under GST can claim a refund of taxes, interests paid... How to Get GST Refund? We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. You must either check with your chartered accountant or an online tax site for the same. It is important to understand what would be the “Relevant date”, as this date is required for calculating the time-limit for claiming refund. If you are claiming a refund for export or deemed export of goods or services, the date of despatch/loading/passing the frontier becomes the relevant date. Where refund arises due to an order passed in favour of the appellant, then relevant date shall be the date of such order. Post Views: 391 Interest Under GST Government implemented GST by consolidating various State & Central taxes, these taxes has their different law as compare to each other. The date of receipt of payment in convertible foreign exchange. Post Views: 245  Input Tax Credit under GST Input Tax Credit is defined under section 2(63) of CGST Act 2017 as “the credit of Input Tax”. However, in explanation to that section, there is no specific entry in for the meaning of ‘Relevant Date’ in case of Supplies to SEZ. Goods dispatched by post, the date of dispatch of goods through post shall apply as the relevant date. has to be paid if the amount is not refunded within 60 days from date of receipt of application. A person can make an application for refund of GST before expiry of two years from the relevant date in such form and manner as may be prescribed. There are different relevant dates defined for various GST refund scenarios. Practically, in current scenario, some Refund Processing Officers under GST are not granting refund for the period July, 2017 to Jan, 2018 by issuing Show Cause Notice in Form GST RFD-08 on the ground that it is time barred on account of lapse of prescribed two years from the relevant due date of furnishing return under section 39 of CGST Act, 2017 i.e., 25-08-2019 for July, 2017 and 20-02-2020 for Jan, 2018. Post Views: 109 All about Input Tax Credit on Capital Goods Input Tax Credit is the key pillar of GST. On the date of implementation of GST there was a fear in the mind of every business man which is “fear of working capital blockage” as tax will be leviable on supply rather sales and supply includes stock transfer also. The following points describe the relevant date for export of goods: Deemed exports refer to the supply of goods which doesn’t leave India, and the goods so received will be paid either on Indian rupees or in foreign currency. For export of services for GST refund- The relevant date would be the invoice issue date. For every other case, the relevant date will be the date of payment of the tax. When it comes to refunds in GST, the concept of relevant date plays a vital role, as the application for refund has to be made within two years of the relevant date. In the absence of specific provisions, general provisions are applicable. Relevant date for filing refund claim : Refund is required to be filed with specified period from ‘relevant date’. Refund is very important term under the GST for the person who is eligible to claim the refund and for the GST Authority who issues the refund order. A person claiming refund of tax or interest or any other amount paid must file an application for refund in Form GST RFD-1 before the expiry of 2 years from the ‘relevant date’. If you are claiming a refund for excess payment of GST, your date of payment becomes the relevant date. No part of these pages, either text or image may be used for any purpose. 4.0 Relevant date in the event of fare of Services for discount of GST On account of administrations sent out of India and where a discount of assessment paid is accessible to the candidate in regard of administrations themselves or, all things considered, the sources of info or information administrations utilized as a part of such administrations, GST refund applies to any taxpayer upon making extra GST payment in the form of tax, interest, penalty, fees or any others. However to claim refund under GST taxpayers has to file refund application in prescribed period of time i.e. The following dates are recommended as relevant dates for different type of refund cases: Export of Goods out of India In this article, we look at relevant date for GST refunds in detail. Blocked Credit, Conditions to avail ITC, How to reverse ITC, Interest Rate on reversal of ITC, ITC of compensation cess, ITC Provisions under GST, Section 17(5) of CGST, Situation where ITC cannot claim. An overview of the various situations that could lead to a GST refund for a taxpayer. This is because the section 54 of CGST states that any person claiming refund may make an application before the expiry of two years from the relevant date. Therefore, "date of payment of CGST/SGST" is the relevant date for claiming IGST. It is recommended that a period of one year from the relevant date may be allowed for filing of refund application. Otherwise, explain the situation mentioned below. With regards to services exported out of the country, where refund applies on executing these services, and the inputs or input services used in such services, the relevant date shall apply as: Pre-deposits done before appealing to the proper authorities are refundable, subject to conditions. In case of a refund of unutilized input tax credit, the relevant date is said to be the end of the financial year, during which the need for refund occurs. relevant export invoices, in a case where the refund is on account of export of goods • A statement containing the number and date of invoices along with such other evidence as may be notified in … Article contains relevant sections, rules, circulars and gist of Circular No. Claiming refund will depend upon whether such application was filed within relevant date or not. Refund should be sanctioned within a period of 60 days from the date of receipt of the claim. As per section 54(1), an application for refund can be moved within two years from the relevant date. When GST Refund Application Can Be Filed? IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. 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