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Calculation of refund of ITC in case of Zero-rated supply - GST Ready Reckoner - GSTExtract ..... efund is claimed under sub-rules (4A) or (4B) or both under rule 89 of CGST Rules ; (C) Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period, without payment of tax under bond or letter of undertaking or the value which is 1.5 times the value of like goods domestically supplied by the same or, similarly placed, supplier, as declared by the supplier, whichever is less, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both under rule 89 of CGST Rules ; (D) Turnover of zero-rated supply of services means the value of zero-rated supply of services made without payment of tax under bond or letter of undertaking, calculated ..... x x x x x Extracts x x x x x Calculation of refund of ITC in case of Zero-rated supply - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... efund claimed by the recipients of supplies regarded as deemed export [ Circular No. 172/04/2022-GST 6th July, 2022 ] Issue:- Whether the ITC availed by the recipient of deemed export supply for claiming refund of tax paid on supplies regarded as deemed exports is to be included in the Net ITC for computation of refund of unutilised ITC under rule 89(4) rule 89 (5) of the CGST Rules, 2017. Clarification:- The ITC of tax paid on deemed export supplies, allowed to the recipients for claiming refund of such tax paid, is not ITC in terms of the provisions of Chapter V of the CGST Act, 2017 . Therefore, such ITC availed by the recipient of deemed export supply for claiming refund of tax paid on supplies regarded as deemed exports is not to be in ..... x x x x x Extracts x x x x x Calculation of refund of ITC in case of Zero-rated supply - GST Ready Reckoner - GST x x x x x Extracts x x x x x ..... verseas. During the relevant period of refund, the details of his inward supply and outward supply details are shown in the table below: Net admissible ITC = ₹ 270 All values in ₹ Outward Supply Value per unit No of units supplied Turnover Turnover as per amended definition Local (Quantity 5) 200 5 1000 1000 Export (Quantity 5) 350 5 1750 1500 (1.5*5*200) Total 2750 2500 The formula for calculation of refund as per Rule 89(4) is : Refund Amount = (Turnover of ze ..... x x x x x Extracts x x x x x Calculation of refund of ITC in case of Zero-rated supply - GST Ready Reckoner - GST x x x x x Extracts x x x x x
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