What is GST Refund Process?
GST is all about the smooth flow of funds. It is imperative for government also to provide hassle-free refund process. The complete processing of GST refund is done through online GST portal. It provides clearer invoice based tracking system, which allows verification and systematic of transactions of one individual.
One can file for GST Refund within 2 years from the relevant date. If the process followed properly the refund gets sanctioned within a period of 60 days from the date of receipt of the claim. Interest on the withheld refund is paid at the rate of 6% and on delayed refund at 9% per annum.
GST Refund for Accumulated Input Tax Credit
If a refund is for input tax credit, only a statement containing invoice details as prescribed in the GST refund rules must be submitted. But please notice that no refund will be processed for unutilized input tax credit will be allowed on IGST & CGST paid. Supply of services like building structures, complexes etc, including constructions or buildings intended for sale.