TaxTMI 
TaxTMI 
We are paying 28% for our rawmaterials. GST for finished products is only 18% and there is credit in electronic ledger. What we need to know whether we have to apply for refund - if so when ?
Refunds - balance in E Ledger
04 Nov 2017 
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Refund of unutilised input tax credit permitted where input tax rate exceeds output rate; claim within statutory time limit.
A registered person may claim refund of unutilised input tax credit that accumulated because input tax rates exceed output tax rates, except for nil rated or fully exempt supplies and notified exclusions; the refund must be applied for within the statutory period and, for such unutilised credit, the relevant date is the end of the financial year in which the claim arises. (AI Summary)
A registered person may claim refund of unutilised input tax credit that accumulated because input tax rates exceed output tax rates, except for nil rated or fully exempt supplies and notified exclusions; the refund must be applied for within the statutory period and, for such unutilised credit, the relevant date is the end of the financial year in which the claim arises. (AI Summary)