If you want to claim refunds, then you must make sure that you do not delay your application for the same. Such refund may be claimed in the return filed in regular manner by the taxable person if refund … There are various cases for which there are different relevant date has been prescribed. Under GST, “Input Tax... How to Reverse ITC on Sale of Capital Goods, ITC on Capital Goods, ITC on Immovable Property, ITC on Motor Vehicle, Process for Reversal of ITC on Capital Goods, Whether ITC available on Capital Goods. Where tax was paid following a provisional assessment and refund now arises, then relevant date shall be date at which such tax was adjusted. However, taxpayers need to file their claim for GST refund within two years from the relevant date. 1.0 Meaning of relevant date . Relevant date for filing of each kind of refund needs to be defined separately. Considering the concern of taxpayers, GST Act has prescribed conditions where refund can be claimed. Relevancy of Relevant Date: if any refund application is not filed within the relevant date then such application shall be treated time barred and GST department can deny to entertain such application. Input Tax Credit plays vital role in determination of net tax liability of a taxpayer. Relevant date, in this case, will be the date of filing of returns of such transactions. Relevant Date: GST refund found in provisional assessment: Date when tax is adjusted: Accumulated ITC credit due to nil outward liability: By the end of the financial year in which you claim ITC. All rights reserved. If a person is liable to pay taxes on reverse charge, the relevant date would be the date of receipt of goods or services. 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. In a few other cases, the date of payment of tax would be the relevant date. Section 54 of CGST Act has prescribed the definition of relevant date and such relevant date plays a crucial role in claiming GST refund. Otherwise, explain the situation mentioned below. 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. You must either check with your chartered accountant or an online tax site for the same. Whether principle of unjust enrichment will be applicable in refund? In this article, we look at relevant date for GST refunds in detail. Second, the GST refund claim must be made within 2 years from the ‘relevant date’ of GST refund application. 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. Ans. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. The form should also be certified by a Chartered Accountant. Here are the relevant dates for common instances of GST refunds – Post Views: 109 All about Input Tax Credit on Capital Goods Input Tax Credit is the key pillar of GST. When GST Refund Application Can Be Filed? As per the GST return India rules, A business entity or person claiming the tax/ interest refund needs to file a proper application in the “Form GST RFD-1” to avail the rebate just before two years expiry from the date of relevant. Refund under GST can be claimed for tax paid, cash lying in cash ledger etc. Refund application can be filed under GST within a period of 2 years from the relevant date. The application for claiming a GST refund should be made within 2 years of the relevant date. The relevant date for the same will be the date of decree or order communicated by the Appellate authority, tribunal, or any court. The meaning of relevant date is very important in regard to refund provisions under GST. CREDIT NOTES Further, Section 34 of the CGST Act, 2017 provides for issuance of credit notes for post supply discounts or if goods are returned back within a … In simple terms, one can refer to the time of relevance in each refund case as per the given points*: Copyright © 2021 VERVE Financial Services Private Limited. Article contains relevant sections, rules, circulars and gist of Circular No. Relevant date for filing refund claim : Refund is required to be filed with specified period from ‘relevant date’. 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. The date of receipt of payment in convertible foreign exchange. Thus practically every situation is covered. All rights reserved.Unless otherwise indicated, all materials on these pages are copyrighted by VERVE Financial Services Private Limited. As tax has to be paid on stock transfers also which will definitely lead to accumulation of input credit resulting in working capital blockage. For export of services for GST refund- The relevant date would be the invoice issue date. 5 of above, refund can be apply with in 6 months from the last day of quarter in which such supply was received. Time Limit for claiming GST refund. It is recommended that a period of one year from the relevant date may be allowed for filing of refund application. Claiming refund will depend upon whether such application was filed within relevant date or not. List of GST refund forms available for the Registered taxpayer on the GST Common Portal. Save my name, email, and website in this browser for the next time I comment. The relevant date for unutilised ITC should be the date of end of FY period, which is applicable as per existing CGST Act 2017. We have since helped start and operate tens of thousands of businesses by offering a range of business services. In other words, as per view taken by them, the refund claims of unutilized credit under GST cannot be filed before 31.3.2018. Payment of CGST/SGST '' is the list of relevant date for April 2018 the Due... Date ’ differs across the different instances of GST refunds 31/03/2020 issued in regard refund... May, 2018 a refund of taxes, interests paid... 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