Dear Team,
What is the proceedure to get refund of excess/accumulated GST-ITC ?
Every month, the closing balance of ITC is gradually increasing in Electronic Credit Ledger......
We want refund since our fund is unnecessarily blocked and we need for the same for working capital..
Any time frame is there......
Company Seeks Guidance on Claiming GST Input Tax Credit Refund, Cites Working Capital Impact; Check Section 18, Rule 89. A company inquired about the procedure to claim a refund for excess or accumulated GST Input Tax Credit (ITC), noting that their electronic credit ledger balance is increasing monthly, impacting their working capital. They sought clarification on any applicable time frames for the refund process. One response indicated that the refund could be claimed at the end of the financial year. Another response advised reviewing the provisions in Section 18 of the CGST Act and Rule 89 for detailed guidance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
