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GST Refund and Demand settlement

GST Refund and Demand Settlement

GST Refund and Demand Settlement are necessary parts of the Goods and Services Tax (GST) system in India. They handle such cases where businesses sometimes overpay GST or receive wrong payment demands from the tax authorities.

Process for GST Refund:

  • File GSTR-9: Businesses should submit their Annual Return (GSTR-9) before the deadline.
  • Claim Refund: File the GSTR-9B form to claim a GST refund before the last date.
  • Verification: Tax authorities will check whether the claimed documents are correct or not.
  • Refund Approval: If the department finds it correct, the refund will be approved.
  • Payment: The refund will be sent to the mentioned business's bank account.

GST Demand Settlement

A GST demand is when GST department ask a business to pay more GST. This can happen for the following reasons.

1. Underpayment of GST: When a business submits less GST than required.

2. Incorrect ITC Claims: when the claiming ITC is more than allowed.

3. Errors in GST Returns: Mistakes in while filing the  GST returns.

Process for GST Demand Settlement:

1. Receive Demand Notice: The business will get a notice from the GST department for the amount to be paid.

2. Check the Demand: The business should check and verify that the demand is correct.

3. Pay or Object: The business has a right to object in case of wrong demand or can pay if finds it correct.

4. Objection Process: The GST department will check the objection and decide the case depending on the investigation and facts.

Important Points:

  • File on Time: File the GST returns on time and claim the return before the deadlines to avoid fines.
  • Keep Records: Save documents to support refunds while claims or objections.
  • Get Help: always consult a tax expert.
  • Use GST Portal: Use the GST portal to File returns, claim refunds, and respond to demands through the GST portal.

YKG Global, we are the oldest and most renowned legal and consultancy firm in India. With a team of experienced professional consultants, we take care of all GST refund and settlement disputes very efficiently.

Why Choose YKG Global?

  • We have expertise in handling GST refund claims and demand settlements
  • We are a team of qualified professionals, including Chartered Accountants and senior legal experts
  • In-depth understanding of GST laws and regulations
  • Committed to providing timely solutions to our clients

 

FAQ'S

To claim a GST refund, file GSTR-9, submit GSTR-9B, undergo verification by tax authorities, and await approval for refund payment to the business's bank account.

A GST demand occurs when the GST department requests additional payment due to underpayment, incorrect Input Tax Credit claims, or errors in GST returns

Businesses should verify the demand's accuracy, object if incorrect, or pay if justified, ensuring timely communication with the GST department during the objection process

Timely filing of GST returns, maintaining accurate records to support claims, and consulting tax experts are essential precautions to avoid fines and disputes.

YKG Global offers expertise in GST claims, qualified professionals, a deep understanding of regulations, and a commitment to providing timely solutions for efficient dispute resolution.

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