Find
Exports under LUT allow a refund of unused ITC under Sec 54(3) and Rule 89, filed in RFD-01. The refund amount follows the Rule 89(4) formula.
GST
Claiming ITC refund after exporting under LUT
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Provisions
Sec 54(3), CGST Act 2017; Rule 89(4), CGST Rules 2017
Analysis
If your zero-rated turnover is ₹40 lakh, total turnover ₹50 lakh and net ITC ₹4 lakh for the period, the refund is ₹3,20,000. Services exporters need the foreign exchange proof. The claim goes in RFD-01 with a statement of invoices.
Close
- Reconcile ITC with GSTR-2B for the refund period.
- Compute refund using the Rule 89(4) formula.
- File RFD-01 with the invoice statement and FIRC.
- Track the acknowledgement and any deficiency memo.
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