REFUND OF CREDIT LEDGER CLAIM DUE TO INVERTED DUTY STRUCTURE

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... REFUND OF CREDIT LEDGER CLAIM DUE TO INVERTED DUTY STRUCTURE
Query (Issue) Started By: - SAFETAB LIFESCIENCE Dated:- 26-9-2018 Last Reply Date:- 1-11-2018 Goods and Services Tax - GST
Got 2 Replies
GST
Dear Experts, We have applied and refund received of ITC availed/accumulated in Electronic Credit Ledger for the periods of Aug-2017, Sep-2017, Nov-2017 and Dec-2017 in Feb/March, 201 .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 8. Now, GST officials informed us that the refund received by us against INPUT SERVICES is not elgible for refund as per Notification No. 26/2018 dt. 13.06.2018 retrospectively effect from 01.07.2017. Is it true. What does 26/2018 says ??? Reply By Adarsh Gupta: The Reply: Yes, it is not allowed. This has been challenged in Gujrat High court..you may file an appeal if exposure is material. Re .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ply By Nitika Aggarwal: The Reply: Dear Sir, The aforesaid notification no. 26/2018-CT dated 13.06.2018 in respect of the same reads as under:- "(iii) with effect from 01st July, 2017, in rule 89, for sub-rule (5), the following shall be substituted, namely:- "(5) In the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... formula:- Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services. Explanation:- For the purposes of this sub-rule, the expressions - (a) Net ITC shall mean input tax credit availed on inputs during the relevant period other than the input tax credit availed f .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... or which refund is claimed under sub-rules (4A) or (4B) or both; and (b) Adjusted Total turnover shall have the same meaning as assigned to it in sub-rule (4)." Now accordingly you can check the validity of same in your case. Regards Nitika Jindal 9999804960
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X