GST refund is a process by which a taxpayer can claim a refund of the GST they have paid on inputs or inputs that are used in making taxable supplies. GST refund can be claimed by a registered person who has paid GST on purchases and has not been able to claim the credit due to reasons such as non-availability of the inputs or capital goods, or the inputs or capital goods are used for making exempt supplies or personal consumption.
In order to claim a GST refund, the taxpayer must first file a GST return and then make a refund application to the relevant tax authority. The tax authority will then review the application and verify the claim to determine the amount of refund that is payable.
GST refunds are generally processed within 60 days from the date of the refund application. However, the time frame for processing GST refunds may vary based on the jurisdiction in which the taxpayer is registered for GST, and the complexity of the refund claim.
It is advisable to consult with our expert team of tax professionals at SureTax Fincare for more information on the GST refund process and requirements in the relevant jurisdiction.
The eligible categories for GST refund vary based on the jurisdiction in which the taxpayer is registered for GST. However, some common eligible categories for GST refund include:
1. Exporters
2. Input Service Distributors
3. Deemed exports
4. Supplies to International Organizations
5. Special Economic Zones
6. Casual Taxable Person
