S. Tax (Refund)

Question 1

1. Commercial Importer
2. Manufacturer, Dealer, Distributor, Wholesaler, Retailer (Other than Zero rated)
3. Export

Answer 1

1. Tax not to be refunded. Can only be carried forward.
2. Manufacturer, Dealer, Distributor, Wholesaler, Retailer (Other than Zero rated)

On yearly basis in second month following the end of the financial year. To be claimed within one year of date of payment (condonation allowed u/s 74)

3. Zero rated supplies (Sec-10,67)

Excess input tax shall be refunded not later than 45 days of filing of refund claim. No time period is prescribed in section 66 (refund due to excess input tax on taxable supply. In case refund not paid within time of 45 days, compensation equal to KIBOR per annum shall be paid till outstanding period (Sec 67). Any demand under Income Tax or any other law shall also be adjusted before making payment.