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TMI BlogREFUND OF INPUT CREDIT FOR EXPORTERSX X X X Extracts X X X X X X X X Extracts X X X X ..... REFUND OF INPUT CREDIT FOR EXPORTERS X X X X Extracts X X X X X X X X Extracts X X X X ..... ame period he has done taxable sale within state worth rs 500000 and tax is ₹ 12500 cgst and sgst. So Total sale would be 3000000 rs. He has total input on purchases amounting to ₹ 150000 cgst and sgst. Thus input left at the end of the tax period at the end of the month is 150000-12500 i.e 137500. In this case, how can I calculate adjusted turnover and net ITC? Reply By SURYAKANT MI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... THBAVKAR: The Reply: You have to calculate on following method Total export turnover X Net ITC available (after adjusting against local supply)/ Total turnover (local supply + Export) After arrive input credit please verify your credit ledger balance is equal to that amount if yes you are eligible of 90% refund. Reply By rohit patodi: The Reply: But net NET ITC as per definition given is tota ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l availed during the relevant period. Thus I think it should not be itc left after adjusting the output liablity Reply By SURYAKANT MITHBAVKAR: The Reply: Then you are not entitled for refund since you are adjusting Export input credit against your domestic supply. After adjusting credit against domestic supply your credit ledger shown nil. Either you can adjust your credit against domestic su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pply or you can apply refund. X X X X Extracts X X X X X X X X Extracts X X X X
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