EXPORT REFUND UNDER GST, Goods and Services Tax - GST

[THYAGARAJAN KALYANASUNDARAM]

Dear Sir,

One of my client has ITC balance of ₹ 27,00,000/- . Export sales of ₹ 1,06,000/- and total adjusted turnover for the respective period is ₹ 33,00,000/-.

For the above, i have calculated refund of ₹ 86000/- as per the below formula

ITC * Export Turnover / Total turnover

Now, my doubt is, can i claim ITC of ₹ 86,000 on the Export sales of ₹ 1,06,000/- or should I reduce ITC pertaining to closing stock from this formula.

Posts / Replies

[Rajendra Prasad]

Dear Mr Thyagarajan,

1. Please check your question and figures . It seems that there is an error either in your question or figures.

2. The refund has no link to the Closing Stock on ITC.

3. The refund amount is to be debited to the Electronic Credit Ledger. (I think it is automatic upon filing refund application)

4. I am giving the link to ICAI Publication on GST Refunds .

https://idtc-icai.s3-ap-southeast-1.amazonaws.com/download/knowledgeShare18-19/E-publication-Refund-under-GST-31.12.18.pdf

5. The following is the link to GST refund process.

http://cbic.gov.in/resources//htdocs-cbec/gst/Refund-Compendium-020719.pdf;jsessionid=69D9A4399665E705B92DF1A49870C5AE