4 conditions for refund of Input Tax Credit of GST in India
%20under%20GST_thumb.jpg "4 Conditions when applying for refund of Input Tax Credit (ITC) under GST")
What are the requirements for Input Tax Credit refund in India under GST?
Possession of GST Tax Invoice
GST Tax Invoice is one of the four requirements for refund of ITC. Whenever tax input is paid, the GST tax invoice pertaining to such input tax paid has to be retained. This GST tax invoice is required as a proof of payment of input tax.
Receipt of goods or services
If you are claiming for input tax credit refund, the goods and (or) services must be received. A proof for such receipt of goods or services is required for GST authorities in India to process refund of ITC (Input Tax Credit).
Proof of Tax actually paid by supplier to Government
If you are filing a refund claim of input tax credit, another requirement for GST authorities in India is proof of tax actually paid by supplier to government. If your supplier of goods or services not paid GST to government or your supplier has not retained the proof of payment of GST to government, you cannot claim refund of input tax you paid to your supplier of goods or services.
GST return furnishing
Every GST tax payer has to file returns with GST authorities. A copy of GST return is mandatory to apply for GST input tax credit. The transaction details of Input Tax Credit paid should be incorporated in such returns furnished, so as to verify and confirm authenticity of such ITC paid to supplier of goods and (or) services.
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