TMI BlogITC RefundX X X X Extracts X X X X X X X X Extracts X X X X ..... A 100% service exports company has gross billable income of 5.75 crores for FY 2018-19. It has LUT registration. Its total accumulated ITC for the year will be about 30 lakhs. It will be raising March ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 invoices for this amount. However, since cash-flow wise, it does not need 5.75 crores as such, it may raise two invoices in march 2019 one for say 2.50 cr. and another for 3.25 cr. Supposing b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the time it files a refund application for ITC credits, only one invoice (3.25 ) has been paid (another may be paid a few months later), will it be granted full refund of ITC of 30 lakhs, or the ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und will be pro-rated as 3.25:2.50? - Reply By Shilpi Jain - The Reply = While you file the refund application the proof of receipt of payment will also have to be provided. Hence you will be able ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to claim refund only after the amount is realised in convertible foreign currency. - ITC Refund - Query Started By: - Kaustubh Karandikar Dated:- 11-4-2019 Goods and Services Tax - GST - Got 1 Reply ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 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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