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A GST refund allows a registered taxpayer to claim back the Goods and Services Tax (GST) paid on inputs or input services used in making taxable supplies. Common categories of taxpayers who can claim a GST refund include:
✔ Exporters of goods or services
✔ Input Service Distributors (ISD)
✔ Suppliers involved in deemed exports
✔ Suppliers to international organizations or UN bodies
✔ Suppliers to Special Economic Zones (SEZs)
✔ Casual taxable persons
To claim a GST refund, the taxpayer must first ensure all GST returns are filed. Following this, a refund application must be submitted to the appropriate tax authority. The application is reviewed and verified by the department to determine the eligible refund amount.
In most cases, GST refunds are processed within 60 days from the date of application. However, the timeline may vary depending on the jurisdiction and the nature of the refund claim.
The streamlined and transparent GST refund process lowers the administrative burden, reducing the overall cost of tax compliance for businesses.
Taxpayers can reduce their GST liabilities by claiming refunds on unutilized input tax credit or GST paid on zero-rated supplies such as exports.
Recovering GST on inputs used in taxable supplies lowers production costs, helping businesses offer more competitive pricing in the market.
Timely GST refunds release blocked working capital, improving liquidity and allowing better allocation of financial resources.
Exporters can claim refunds on GST paid for exported goods/services, enhancing profitability and global competitiveness, and encouraging export growth.
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