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GST- Goods and Services tax implemented in 2017 with the aim to replace different taxes with 1 common tax. Good and service tax includes a refund process in which registered taxpayers can claim in case the excess amount is more than GST liability. Taxpayers can claim their refund on GST depending on their industry or business niche. There are different rules and regulations, and methods to claim for different industries. the GST refund of unutilized ITC on account of exports without payment of tax is described in this guide. The newly introduced GST filing return system is expected to make the return process simple. If you are looking to claim a GST refund under the export of goods, we have simplified it for you.
Export of Goods under GST
The export of goods or services falls under the IGST Act and is treated as an interstate supply The export of Goods and services under GST is also a Zero-rated supply as the rate of taxes on export supplies is nil/zero. In addition, deemed export supplies are also under zero-rated supply.
How to claim a GST refund for the export of goods?
The process of GST declaration and claim under the export of goods and services can vary. The zero-rated supply or export of goods and services can go through two ways:
(i) Export of goods with payment of tax
(ii) Export of goods without payment of tax
Export of Goods with payment of tax
Exporters of goods and services are allowed to claim if IGST is paid during export. The process under IGST for refund begins with reference to the shipping bill and other documents that were used during the export procedure as per Indian Customs Electronic Commerce Gateway (ICEGATE). To be eligible to claim or file a refund via RFD-01, there are certain perquisites that the taxpayer or export must fulfill:
The taxpayer or exporter must have a registered GST Portal and have GSTIN during the refund process.
Exporters have paid taxes on the export of goods for which the taxpayer is claiming a refund.
Forms GSTR-1 and GSTR-3B have been filled for the relevant tax period.
BRC/FIRC numbers must be present on the export documents that will be required during the refund process.More info visit to lexntax.com