Did you know? Taxpayers can claim the refund of accumulated or unutilized ITC

The taxpayers can claim the refund of accumulated or unutilized ITC in the following situations:

1. When an inverted tax structure prevails in the business.
2. With respect to the export of goods or services made without a tax payment by reporting the Letter of Undertaking (LUT) or bond.
3. In case of supplies to Special Economic Zone (SEZ) units or developers without a tax payment.
4. By foreign embassies and international organizations on their purchases of goods or services.

Cases, where refund of unutilized ITC is not allowed, is as follows:

1. If goods exported out of India are subjected to export duty, then the accumulated ITC left unutilized will not be available for GST refund.
2. If the supplier of goods has claimed the duty drawback in respect of central tax or claims refund of the integrated tax paid on such supplies.
3. In the case of an inverted tax structure, the output is nil rated or exempt from GST.

To claim your GST refund, mail us at [email protected] or call us on 9833229199.