We helps you in filing refund application on time so as to unlock the value of working capital blocked in the form of ITC.

Currently, the refund for the excess of VAT/CST paid is normally claimed annually. Refund on the excess of excise duty paid is paid through the duty drawback scheme. There are a lot of delays under the current system in providing the refund for excise/VAT/CST.

GST would improve the system of calculation, application, and processing of the refund. Refunds would be calculated for each major head (CGST, SGST, IGST) separately. An application form has to be filed on the GSTN portal for claiming the refund. Since all the data will be uploaded electronically, calculation of refunds would become automated.

As stated in the GST Law, “If any tax ordered to be refunded under sub section 5 of section 54 to any applicant is not refunded within sixty days from the date of receipt of application under sub-section (1) of that section, interest at such rate not exceeding 6 % as may be specified in the notification issued by the Government on the recommendation of the Council shall be payable in respect of such refund from the date immediately after the expiry of sixty days from the date of receipt of application under the said subsection till the date of refund of such tax”. The processing time for a refund application has been kept as sixty days under GST law but it could be as early as two weeks.

We helps you in dealing with Audit & Assessment compliance in the most professional and befitting manner.