Changes in GST Refund Mechanism: GST Notification

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Changes in the GST Refund Mechanism. The mechanism that is provided for refund of Additional IGST paid on account of Upward Revision in the price of the Goods subsequent to Exports.

Such Exporter may file an application for refund of such additional IGST paid in FORM GST RFD-01 under the category any other. The exporter shall also upload statements 9A and 98 and other documents as prescribed in clause (bb) and clause (be) of sub-rule (2) of rule 89 of the CGST Rules along with the said refund claim. No such refund shall be paid if the amount claimed is less than one thousand Rupees. In cases where there is a downward revision in the price of goods subsequent to exports when the export has been made with payment of IGST, the supplier of goods/ exporter is required to deposit the refund of the IGST received in proportion to the reduction in the price of exported goods, along with the applicable interest.

This was decided in the 53rd GST Council meeting held on 22nd June 2024 and CBIC notified the same via Notification No. 12/2024-Central Tax dated 10.07.2024.

For Official Notification Download PDF Given Below: