TMI Blogrefund of capital goods under inverted dutyX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir department has paid refund for inverted duty structure for july 17, which includes refund on capital goods. How to rectify in books .Pls guide the procedure. - Reply By satbir singhwahi - The R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eply = Sir pls guide - Reply By Yash Jain - The Reply = Sir, First of all inverted duty refund should be taken only against raw material/stores used in production of such goods. Refund of ITC pai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on capital goods is generally a risky play. As for books it's simple, reverse the cost of machine and book refund income to the extent of depreciation taken on ITC in FY 2017-18. - This option ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if ITC is capitalized Reverse the Input tax credit to the extent of refund received (Refer your ECL, the amount is reversed on date of refund application) - This must be standing in your reconciliat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion if you have not passed the entry of reversal - This option if ITC is availed Regards - refund of capital goods under inverted duty - Query Started By: - satbir singhwahi Dated:- 13-8-2018 Goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entindia.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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