GST Refund in India
GST refund refers to the reimbursement of excess GST paid by businesses, either due to export of goods, input tax credit (ITC) accumulation, or other reasons.
Key Features:
- Can be claimed for excess tax paid, exports, or ITC unutilized.
- Refund application is submitted through the GST portal.
- Processing time is typically within 60 days from the date of application.
Benefits of Registration:
- Provides liquidity to businesses.
- Ensures fair tax treatment for exporters and businesses facing input credit accumulation.
- GST refunds help in maintaining business cash flow and reducing tax burden.