The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued a circular clarifying various GST refund related issues and the highlights of the same is as under:
- Refund application can be filed by clubbing any tax period even when tax period falls under different financial year.
- No refund on account of inverted duty structure shall be allowed where input and output product are same.
- Refund of incorrect tax payment shall be given in the same form/ proportion in which original payment was made i.e. either using electronic cash ledger or electronic credit ledger or both.
- Refund of accumulated ITC shall be restricted to transactions which are appearing in GSTR-2A.
- It is mandatory to provide HSN/SAC of all inward transactions for which refund is claimed in Annexure-B of refund application form.