GST Tip – 150

Taxpayers will apply for the refund of GST for any of the following reasons Excess balance in Cash ledger, Exports of goods or services, Supply of goods or services to SEZ/EOU, Assessment or provisional assessment or Appeal or Order No and for ITC accumulated due to inverted duty structure.

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GST Tip – 140

In Annex 8 of GSTR – 9b, a reconciliation statement for the refunds has to be provided between the financial statements and GSTR Returns. It has to show the opening balance of refunds to be received, refund claimed during the year, refund claim received during the years and refund claims to be received at end of the year.