Goods and Services Tax – Started By: – BalKrishan Rakheja – Dated:- 6-4-2018 Last Replied Date:- 12-4-2018 – One party is engaged in manufacturing and clearing the goods on payment of duty in DTA and under LUT for export. The party claimed refund of accumulated ITC for the tax period of July 2017 amounting to ₹ 1.62 Crores on 05.01.2018 after making debit entry of the amount claimed as refund. The party also made some more debit entry in the same month for refund claimed for the month of August and September also. Now the detail of the amount remained in the electronic credit ledger is as under:1. Balance as on 31.01.2018 in the credit ledger after debiting the duty for the month of Decmber 2017 and debit entry made for three refunds
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017 (13 of 2017), refund of input tax credit shall be granted as per the following formula – Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷Adjusted Total Turnover Where, – (A) Refund amount means the maximum refund that is admissible; (B) Net ITC means input tax credit availed on inputs and input services during the relevant period other than the input tax credit availed for which refund is claimed under sub-rules (4A) or (4B) or both; (C) Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking, other than the turnover of supplies in respect of which
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tate or a Union territory, as defined under clause (112) of section 2, excluding – (a) the value of exempt supplies other than zero-rated supplies and (b) the turnover of supplies in respect of which refund is claimed under subrules (4A) or (4B) or both, if any, during the relevant period; (F) Relevant period means the period for which the claim has been filed. The refund of input tax credit will be granted by the Department as per the above rule. – Reply By BalKrishan Rakheja – The Reply = Thanks for your reply sir,But my query is still unanswered. From the above formula maximum amount of refund can be calcuated and not eligible amount of refund. My querry is that which amount from the three as mentioned in my query is admissible as refund
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