Inclusion of RCM while calculating refund for inverted duty structure

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..... As per Rule 89 of CGST Rules , Maximum Refund Amount = [(Turnover of inverted rated supply of goods and services) x Net ITC Adjusted Total Turnover] - [Tax payable on such inverted rated supply of goods and services x (Net ITC ITC availed on inputs and input services)] Should input tax claimed under the head of RCM be included in ITC availed on inputs and input services while calcu .....

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..... lating the refund amount? [Note: RCM has been paid on inward services received] - Reply By Padmanathan Kollengode - The Reply = As there is no specific bar on ITC of RCM paid on inward services/ inputs in R.89 , the same can be included in the formula as well. - Reply By Kiran Tahelani - The Reply = I agree with Padmanathan Kollengode . you can rightly include ITC of RCM. But to the best .....

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..... of my knowledge refund on ITC on account of service is not available, therefore no point of discussion of inclusion of RCM paid on account of inward services. Experts can correct me if i am wrong - Reply By Padmanathan Kollengode - The Reply = Ld Kiran Ma'am, you are correcf. Net ITC in formula will include only ITC of inputs (inc RCM paid on inputs if any) to my understanding . - Rep .....

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..... ly By Shilpi Jain - The Reply = In the ITC availed on inputs and input services include the RCM credit. Net ITC would be ITC of inputs only. - Reply By Vineet Agrawal - The Reply = Thank you everyone for your valuable inputs. - Inclusion of RCM while calculating refund for inverted duty structure - Query Started By: - Vineet Agrawal Dated:- 1-6-2023 Goods and Services Tax - GST - Got 5 Rep .....

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..... lies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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