If the GST charged exceeds the GST liability, the case of requesting a GST refund can be made. To prevent misunderstanding, the method of requesting a refund under GST is standardized. The procedure can be conducted online, and time limits have been established. The RFD-01 application must be submitted for the online processing of GST refunds. Here's how to check on the status of your refund after you've submitted your application.
Let's look at a clear example of an overpayment of taxes. Mr. Anurag owes Rs 60000 in GST for August. Mr. Anurag, on the other hand, made a GST payment of Rs 6 lakh by mistake. Mr. Anurag has now made an excess GST payment of Rs. 5.5 lakh, which he can demand as a refund. The refund must be claimed within two years of the payment date.
When can you apply for GST Refund?
Refunds in Goods and Services Tax (GST) can be sought in the following circumstances:
Export of Goods or Services
Refund of Unutilized Input Tax Credit
Refund from Manufacturing- tax-free supplies
Excess payment due to mistake and inadvertence
Finalization of Provisional Assessment
Refund for Tax payment on transactions such as UN bodies, Para-military forces canteens, etc
Refund of pre-deposit in case of Appeal.
How To Track GST Refunds After Login?
Step 1: Visit the GST Portal
Step 2: Log in to your account using credentials
Step 3: Go to services
Step 4: Click on 'Refunds' and select 'Track Application Status
Step 5: Select the financial year or enter the ARN of the refund application.
Step 6: Click on the Search button
Step 7: Towards the right, click on the 'Payment Advice Status
Your search result will be displayed of the selected year or depending on the ARN
After logging into the GST Portal, you can monitor your refund application using the ARN or Filing Year of the refund application.
When you view the status of a refund application after logging into the GST Portal, you can see more information about the Tax Period and Tax Amount Claimed. You can also update the account number if you were login in and check the status whereas it not possible if you check without login into the portal. If the validation of your bank account has failed, the bank account can be updated by pressing 'Check Bank Account' in the Bank Validation Status button.
Stages are color-coded based on the application's current status. For example, if the application is currently in Stage 3, all stages up to Stage 3 will be shown in green, while subsequent stages will be greyed out.
The Goods and Services Tax Network (GSTN) has established an Indirect Taxation portal for GST to assist Indian taxpayers in preparing, filing, and paying indirect tax liabilities, as well as other compliances.