Refunds Under GST & Intricacies of ITC

A timely refund mechanism is critical in tax administration. However, with new rules, notifications, forms, and amendments to laws, the Goods and Services Tax (GST) regime is becoming more complex with each passing day.

To address the growing complexities, Sanjay Chhabria, Director of Indirect Tax, Nexdigm, spoke at the ‘Refunds Under GST & Intricacies of ICT’ event and covered the challenges and uncertainties for claiming refunds.

He gave a brief overview of the types of GST refunds, their processes, their critical provisions, and the timelines and time limits for filing refund claims. During the event, he also touched upon key points such as electronic filing, flexibility in choosing the return periodicity, clubbing of tax periods, unified processing, and data upload limits while giving a detailed rundown of each point.

Sanjay also highlighted the critical issues related to the refund of ITC (Input Tax Credit) on exports, such as the period limit of applying for a refund, letter of undertaking, disallowance of ITC availed on capital goods, etc. while stating the critical conditions for claiming the refund.