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Refund under GST Act, Goods and Services Tax - GST

Issue Id: - 115881
Dated: 10-1-2020
Refund under GST Act

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Dear Experts,

One of my client's importing goods and paying IGST regularly on the value fixed by the customs authority. Whereas while selling the same goods in the market its less than the value fixed by the customs authority. Due to which huge ITC got accumulated and as and when goods are imported he will sell it immediately and without retaining any stocks.

My query is that, how do we get the refund for the Excess ITC available which is not inverted duty or Zero Rated Sales?

What to do in this case.

Thanks in Advance.

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Showing Replies 1 to 2 of 2 Records

1 Dated: 11-1-2020
By:- Rajagopalan Ranganathan


If the IGST paid on import is higher than tax payable for supply within India then it will be inverted duty structure. You are eligible for refund provided the refund is payable as per the notification issued. Input credit is eligible for refund only when the final product is exported out of India under LUT without payment of tax. If you supply the imported goods for consumption within India it will not constitute export and you are not eligible to claim refund of unutilised ITC. You have to forgo the excess ITC or utilise the same for discharging tax on outward sale.

2 Dated: 11-1-2020
By:- CA Venkata prasad Pasupuleti

Dear sir,

Why valuation fixed by customs authority is high?


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