REFUND OF ACCUMULATED GST-ITC

[SAFETAB LIFESCIENCE]

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......

[So B]

As per law, refund of accumulated credit can be claimed at end of financial year.

[CSSANJAY MALHOTRA]

Please read the provisions as stated in Section 18 of CGST Act alongwith Rule 89.

AI Summary

Refund of accumulated GST Input Tax Credit is claimable at financial year-end following Section 18 and Rule 89. Refund of accumulated GST Input Tax Credit must be claimed at the end of the financial year; taxpayers should follow the statutory refund process and procedural rules governing submission, verification and processing of such claims to recover unutilised credits recorded in the Electronic Credit Ledger.