What is the time limit for claiming a GST refund?
- Time Limit for Filing Refund Application:
- Generally, a taxpayer is required to file a refund application within two years from the relevant date. The relevant date varies depending on the type of refund. For example, in the case of export refunds, the relevant date is usually the date of export.
- Export of Goods or Services:
- For the refund of Integrated Goods and Services Tax (IGST) paid on the export of goods or services, the exporter needs to file the refund application within two years from the date of export.
- Accumulated Input Tax Credit (ITC) Refund:
- In the case of accumulated ITC refund, the taxpayer typically needs to file the refund application within two years from the end of the financial year in which the relevant invoices were issued.
It’s crucial for taxpayers to adhere to the prescribed timelines to avoid any potential issues with their refund claims. Filing refund applications within the stipulated time is important for compliance with GST regulations.