As per Section 54(3) of the CGST Act, 2017, a registered person can claim a refund of unutilised input tax credit by the end of any taxation period. Now since a tax period is the period for which return is required to be furnished, a taxpayer can claim refund of unutilised ITC on monthly basis.
On any excess payment of GST for an input tax credit which has not been utilised, this registered person can claim a refund of the excess GST
by filing an application under Section 54 of the CGST Act, 2017, online.
Also, the applicant must file the GST refund claim within 2 years from the invoice or relevant date. If the claim is in order, the refund will be sanctioned within 60 days of the receipt of the claim. Also, please note that the interest on the withheld refund shall be applied at the rate of 6%.