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of <h1>Understanding Tax Refunds Under Section 54 of Punjab GST Act 2017: Key Timelines and Conditions for Applicants</h1> Section 54 of the Punjab Goods and Services Tax Act, 2017, outlines the process for claiming tax refunds. Individuals or entities must apply within two years from the relevant date, as prescribed. Certain organizations, like UN agencies, have six months to apply for refunds on inward supplies. Refunds for unutilized input tax credit are allowed under specific conditions, such as zero-rated supplies. Applications must include evidence that the tax incidence wasn't passed on. Refunds are processed within 60 days, with provisional refunds for zero-rated supplies. Refunds are withheld if returns are pending or if the amount is under one thousand rupees.
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