The process of claiming GST returns has been simplified in the past few years. Currently, you need to complete the GST RFD 01 form. The form can be filled for at most two years. Once the application is completely filled and submitted, it will be sent to a GST officer. The officer would receive the form in less than a week or two. Conversely, the officer would analyze the details submitted. The application and documents will be checked for completeness and accuracy. If the application is accepted by the GST officer, you will receive a second form: GST RFD 02. This is another online form, which needs to be completed and submitted online. It is important to quote the correct date on which the GST RFD 01 was filled. This would determine the duration; upon which you would receive the refund. If there are any faults or doubts in your application, you will receive a third form: GST RFD 03. Once again, this form will be uploaded into your account on the official GST website.
The After Effects
On average, you will receive a refund within a week. And, nearly 90% of the requested refund will be sanctioned by the officer. The actual refund amount depends on various factors. Once the refund is released to your account, you will receive a fourth form: GST RFD 04. This acknowledgment will be released in less than 15 days. And, the final payment advice will be sent to you via a fifth form: GST RFD 05. This is when the GST return gets credited to your bank account. If there are any pending returns, they will be credited to your account within 60 days from the date of application.
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