How to differentiate Reverse Charge with Refund of Interest?
What is Reverse Charge? How does Refund of Interest work under GST regime? What are the difference between Reverse Charge and Refund of Interest?
Under GST system, the following information explains about Reverse Charge and Refund of Interest.
As per GST terms, “Reverse charge” means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or services or both under sub- section (3) or sub-section (4) of section 9, or under sub-section (3) or sub-section (4) of section 5 of the Integrated Goods and Services Tax Act. “Refund” includes refund of tax paid on zero-rated supplies of goods or services or both or on inputs or input services used in making such zero-rated supplies, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit due to a higher tax rate on the input than the output.
The details about Reverse Charge and Refund of Interest with simple language from GST terms have been mentioned in this web blog separately. I suggest you to read these articles on Reverse Charge and Refund of Interest, so as to enable you to have a clear idea on these GST terms.
For your immediate reference, we give below web links on Reverse Charge and Refund of Interest separately below. You may kindly read the below links to know more about Refund of Interest and Reverse Charge.
What is Reverse Charge under GST
The above information easily explains about Refund of Interest and Reverse Charge.
We hope, you have satisfied with the difference between Reverse Charge and Refund of Interest explained above. Do you have different thought on difference between Refund of Interest and Reverse Charge?
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