{"id":932,"date":"2021-05-28T06:32:18","date_gmt":"2021-05-28T06:32:18","guid":{"rendered":"https:\/\/www.gstrobo.com\/blog\/?p=932"},"modified":"2021-06-03T06:15:27","modified_gmt":"2021-06-03T06:15:27","slug":"gst-pmt-03-form-to-re-credit-itc","status":"publish","type":"post","link":"https:\/\/gstrobo.com\/blog\/gst-pmt-03-form-to-re-credit-itc\/","title":{"rendered":"GST PMT-03 Form to Re-Credit ITC"},"content":{"rendered":"\n

In typical scenarios, any registered taxable person can claim a refund of excess tax or interest paid by furnishing GST RFD-01<\/a> under GST. However, in case if the authorities reject the claim, the ITC of such taxpayers is re-credited to their electronic cash or credit ledger with the help of the GST PMT-03 form. So, in this blog, we will cover all the aspects related to the GST PMT-03 form to re-credit ITC.<\/p>\n\n\n\n

\"gst-pmt-03-form-to-re-credit-itc\"<\/figure><\/div>\n\n\n\n

What is GST PMT-03 Form?<\/h2>\n\n\n\n

GST PMT-03 is a type of order form through which Input Tax Credit (ITC) is re-credited to the e-cash or e-credit ledger in full or parts on the rejection of a refund claimed. However, the order of re-crediting the ITC<\/a> in form GST PMT-03 is passed by the proper officer via GST RFD-01B.<\/p>\n\n\n\n

GST PMT-03 Form Applicability<\/h2>\n\n\n\n

Here is the list of refund for which the GST PMT-03 form can be used to re-credit ITC to the e-cash or e-credit ledger:<\/p>\n\n\n\n

S.No.<\/strong><\/td>Refund Type<\/strong><\/td>Ledger<\/strong><\/td><\/tr>
1<\/td>Refund in case of excess balance of cash<\/td>Cash ledger<\/td><\/tr>
2<\/td>Accumulated ITC due to export of goods or services without making tax payment<\/td>Credit Ledger<\/td><\/tr>
3<\/td>ITC accumulated because of inverted tax<\/a> structure<\/td>Credit Ledger<\/td><\/tr>
3<\/td>Supplies made to SEZ <\/a>units or SEZ developers without making tax payment<\/td>Credit Ledger<\/td><\/tr>
4<\/td>Refund in case of deemed export supplies to the recipient<\/td>Credit Ledger<\/td><\/tr>
5<\/td>Refund of tax paid due in case of wrongly paid tax (inter-State supply which is subsequently held to be intra-State supply and vice versa)<\/td>Credit Ledger<\/td><\/tr>
6<\/td>Refund due to assessment or provisional assessment or any other order<\/td>Credit Ledger<\/td><\/tr>
7<\/td>Refund in case of \u201cany other\u201d reason that is not listed above.<\/td>Credit\/Cash Ledger<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Once the ARN is generated for any of the aforementioned refund types the status will automatically change to the Pending for Provisional Refund<\/strong>. Once, the proper officer verifies it, he\/she will sanction the provisional refund via GST RFD-01B. <\/p>\n\n\n\n

GST PMT-03 Non-Applicability<\/h2>\n\n\n\n

If a taxpayer leaves the refund application incomplete due to any reason and the proper officer finds it he\/she can file a Deficiency Memo. In such cases, the whole amount of refund debited will be re-credited to the respective ledger. So, GST PMT-03 will not be applicable in such types of scenarios. It shall be noted that once the recipient receives the deficiency memo from the proper officer, he\/she needs to furnish a fresh refund application. <\/p>\n\n\n\n

GST PMT-03 Format<\/h2>\n\n\n\n

The Form GST PMT-03 looks as follows:<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Important Points to Remember about GST PMT-03<\/h2>\n\n\n\n
  1. The taxpayer always needs to make sure that his\/her refund application is not incomplete.<\/li>
  2. The taxpayer will receive a re-credited ITC amount in the same mode by which tax liability was discharged by him\/her.<\/li>
  3. ITC part of the refunded amount is re-credited to the e-credit ledger of the taxpayer by filing PMT-03.<\/li>
  4. The cash part will be deposited back to the bank of the recipient by filing GST RFD-05.<\/li>
  5. The taxpayer will not receive a refund for zero-rated supplies made by him or her.<\/li>
  6. Only the proper officer can verify and order the refund in the GST RFD-01B Form.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    In typical scenarios, any registered taxable person can claim a refund of excess tax or interest paid by furnishing GST RFD-01 under GST. However, in case if the authorities reject the claim, the ITC of such taxpayers is re-credited to their electronic cash or credit ledger with the help of the GST PMT-03 form. So, … <\/p>\n","protected":false},"author":1,"featured_media":969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ub_ctt_via":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[381,382,199,198,380],"class_list":["post-932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-gst-pmt-03","tag-gst-refund","tag-input-tax-credit","tag-itc","tag-re-credit-itc"],"aioseo_notices":[],"featured_image_src":"https:\/\/gstrobo.com\/blog\/wp-content\/uploads\/2021\/05\/gst-pmt-03-form-to-re-credit-itc.png","author_info":{"display_name":"GSTrobo","author_link":"https:\/\/gstrobo.com\/blog\/author\/gstblog\/"},"_links":{"self":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/comments?post=932"}],"version-history":[{"count":2,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/932\/revisions"}],"predecessor-version":[{"id":972,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/932\/revisions\/972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/media\/969"}],"wp:attachment":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/media?parent=932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/categories?post=932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/tags?post=932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}