Sumit Upadhyay
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How much GST can I claim back?

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How much GST can I claim back?
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1 Answer

  1. You can claim the refund of the payment of excess GST, as input GST credit.
    As per the Central Goods and Services Tax Act, 2017, Section 54 (3), a registered person may claim a refund of the unutilised Input Tax Credit at the end of any tax period. Since a tax period is a period for which a return is required to be furnished, a taxpayer may claim a refund of the unutilised Input Tax Credit on a monthly basis. However, starting from January 2021, the provisional credit is restricted to 5 per cent. According to Rule 86B under GST, if the value of taxable supply exceeds 50 lakhs in a month, then the registered taxpayer cannot use the available credit amount to discharge his output tax if it exceeds 99% of tax liability

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