Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. Section 54 of the CGST act deals with refund claims under GST. A claim for refund may arise in the following situations.
Deemed exports means such supplies of goods as may be notified. The government may notify such supplies of goods as deemed exports where goods supplied do not leave India and payment for such supplies is either received in Indian Rupee or convertible foreign exchange if such goods are manufactured in India.
No refund shall be paid to the applicant if it is less than Rs 1000.
If any refund arises from an order passed by an Adjudicating Authority or Appellate Authority or Appellate Tribunal or Court which has attained finality and the same is not refunded within 60 days from the date of receipt of application filed consequent to such order, interest shall be payable @ 9% p.a on such refund.
The following amounts should be credited to the consumer welfare fund.
The refund application should be filed within 2 years from the date on which return relating to such deemed exports is furnished
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