GST
Minimum amount for a GST refund claim
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Facts
Under Sec 54(14), no refund is paid if the amount is less than ₹1,000. Small claims are better clubbed over a few months within the same financial year.
Provisions and law
- Sec 54(14), CGST Act 2017No refund is paid if the amount is less than ₹1,000
- Circular 37/11/2018-GSTClarifications on export refunds: BRC or FIRC for services, lower of invoice and shipping bill value, one deficiency memo
Analysis
A freelancer with ITC of only ₹600 a month on a phone bill and software subscription should club a quarter or more together within the year. That also cuts paperwork and follow-up. Very small credits may simply be kept in the ledger if domestic sales are expected.
Conclusion
- Estimate monthly unutilised ITC
- Club months within one financial year until the claim crosses ₹1,000
- File one claim for the clubbed period
A Savvy can do this for you
Refund of ITC on exports without payment of tax, RFD-01
₹4,999
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