First, you need to submit an RFD-01 form online through the GST portal. Here are the steps:
Step 1: Go to the GSTN portal.
Step 2: Find an RFD-01 application form.
Step 3: Once you have done this, you will receive an SMS or email with a unique acknowledgement number.
Step 4: Check the ITC for a reduction in carrying forward.
Step 5: Calculate GST refund to understand whether the amount is reduced in tallying.
Step 6: Within 30 days of applying, the authorities will check and validate the refund.
Step 7: Authorities will also be on guard against any unjust enrichment.
Step 8: If a claim is found to be violating the unjust enrichment, your refund amount will get sent to the Consumer Welfare Fund or CWF.
Step 9: You can also expect authorities to calculate the GST refund, and in case the refund amount stated by you is higher than the one they have figured, a pre-audit procedure will begin.
Step 10: The refund amount will be directly credited to any applicant’s account through the NEFT, ECS, or RTGS.
Additionally, there are some points to note about the GST refund. The GST refund rules are as follows:
- Individuals are supposed to make any GST claims for a refund at the end of each quarter.
- In a situation where the amount to be refunded is less than Rs. 1000, no refund amount will be provided.