GST Input Tax Credit Refund if Business is closed

By | January 15, 2018
(Last Updated On: January 15, 2018)

An assessee doing business from 2 years. He closed his business in dec-17. Is he eligible to claim refund of ITC Balance in Electronic Credit Ledger?

Section 54 (3) of CGST Act : Provided that no refund of unutilised input tax credit shall be allowed in cases other than

(i) zero-rated supplies made without payment of tax;

(ii) where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council:

Provided further that no refund of unutilised input tax credit shall be allowed in cases where the goods exported out of India are subjected to export duty:

Provided also that no refund of input tax credit shall be allowed, if the supplier of goods or services or both avails of drawback in respect of central tax or claims refund of the integrated tax paid on such supplies.

Thus person can not claim Refund of Input Tax Credit

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About CA Satbir Singh

Chartered Accountant having 12+ years of Experience in Taxation , Finance and GST related matters and can be reached at Email : Taxheal@gmail.com

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