TMI BlogAdjusted Total Turnover for ITC refund calculationX X X X Extracts X X X X X X X X Extracts X X X X ..... Kindly suggest, whether sale value of below mentioned items will be included in Adjusted Total turnover for claiming refund of ITC accumulated on export of goods/services under Bond/LUT, in its formula:- 1.Sale of MEIS (Duty credit scrip issued by DGFT as incentive on export) on which GST rate is 0% (NIL rated) 2.Sale of Waste Scrap of fire woods on which GST rate is 0% (NIL rated). Kindly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suggest at the earliest. - Reply By YAGAY and SUN - The Reply = In our view there is no such need as first point relate to post export activity and second limb is associated with fire wood on which at any stage GST is not applicable. - Reply By Narendra Soni - The Reply = Dear Sir, Thanks for expert view, 1.Both are exempted supplies. 2.Definition of Exempt supply (at sl.no.47 of CGST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act ), includes Nil rated,Exempted against notification/circular and Non-taxable supply 3.Definition of Adjustable Total Turnover in refund formula:- Include all supplies except exempted supply. Hence, being it would be Exempt supply as per definition of exempt supply, both the supplies are not included in Adj.Total Turnover for refund calculation. Now question will arise whether we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would required to reverse proportionate ITC availed on inward supply of goods and services against the Exempted supplie i.e.Nil rated / Exempted / Non Taxable supplies. Kindly provide expert views as soon as possible. - Reply By YAGAY and SUN - The Reply = In our view, not. - Adjusted Total Turnover for ITC refund calculation - Query Started By: - Narendra Soni Dated:- 9-5-2018 Goods and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Services Tax - GST - Got 3 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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