TaxTMI 
TaxTMI 
whether excess paid duty in the previous F.Y. in the r/o cess,igst,cgst,and sgst can be taken back in our books of account and adjust the same for the current F.Y.on our own with out sought for refund.
Excess paid duty GST
26 May 2018 
4 Replies 
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Excess GST payment requires a formal refund claim rather than unilateral adjustment in a later financial year.
Excess GST payments (including cess, IGST, CGST and SGST) cannot be unilaterally adjusted in a subsequent financial year; the statutory refund mechanism governs correction of excess payments. The refund framework covers multiple situations-exports, SEZ supplies, deemed exports, refunds following orders, accumulated input tax credit from inverted duties, provisional assessment finalisation, excess payments by mistake, tourist refunds, refund vouchers for advances, and changes in intra /inter State characterisation-and requires adherence to prescribed timelines and documentary requirements. Experts in the discussion advise claiming refund rather than adjusting the excess in books. (AI Summary)
Excess GST payments (including cess, IGST, CGST and SGST) cannot be unilaterally adjusted in a subsequent financial year; the statutory refund mechanism governs correction of excess payments. The refund framework covers multiple situations-exports, SEZ supplies, deemed exports, refunds following orders, accumulated input tax credit from inverted duties, provisional assessment finalisation, excess payments by mistake, tourist refunds, refund vouchers for advances, and changes in intra /inter State characterisation-and requires adherence to prescribed timelines and documentary requirements. Experts in the discussion advise claiming refund rather than adjusting the excess in books. (AI Summary)