refund of unutilized ITC under GST after export under LUT
Query (Issue) Started By: – BalKrishan Rakheja Dated:- 9-4-2018 Last Reply Date:- 4-6-2018 Goods and Services Tax – GST
Got 11 Replies
GST
After exporting the goods under LUT and claimed refund for untilized ITC. As per formula refund amount comes to Rs. 50 Lacs but credit ledger balance at the end of the tax period (month in which the export took place) is ₹ 10 lacs only. Which amount I am eligible for refund of ITC, however as on today the credit ledger balance is ₹ 80 Lacs
Reply By YAGAY AND SUN:
The Reply:
As per Section 54(3) of the CGST Act, 2017, a registered person may claim refund of unutilised input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished.
Refund of unutilised input tax credit is allowed only in following two cases:
a) Zero rated supplies made without payment of tax
b) Inverted duty structure
Reply By Harshal Fifadr
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cannot spread across different financial years.
However, to be honest, I am not be to understand para 11.2. I request our experts to please clarify the issue that how to club and how to file the refund for quarters, as online it is for the month only.
Reply By BalKrishan Rakheja:
The Reply:
Thanks Harshal ji. I also agree with your views.
Reply By BalKrishan Rakheja:
The Reply:
Thanks Alkesh Jani ji for your valuable information. But my querry is still unanswered regarding for which amount I am eligible for refund. Please give your valuable advise.
Reply By Alkesh Jani:
The Reply:
Sir, you are requested to furnish the figures as per formula, than only proper reply can be given by our experts. However, if we think logically, the refund may be equal to or less than the input tax of value of exported goods. For example, if goods exported valued for ₹ 100/- than refund shall be ₹ 18/- or less.
Reply By KASTURI SETHI:
The Reply:
Dear Querist,
Rs.10 lacs is correct a
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d not in next financial year(s) and onward. You should claim refund against export within one year. Cycle of one year has to be monitored to claim the whole due amount.
Reply By BalKrishan Rakheja:
The Reply:
Thanks Sethi ji. I am fully agreed with your views.
Reply By rohit patodi:
The Reply:
what would be my adjusted turnover and net ITC in case of refund of input tax credit availed on inputs in case of exporters. For eg., an exporter has exported goods on LUT worth rs 2500000 in July period and in the same period he has done taxable sale within state worth rs 500000 and tax is ₹ 12500 cgst and sgst. So Total sale would be 3000000 rs. He has total input on purchases amounting to ₹ 150000 cgst and sgst. Thus input left at the end of the tax period at the end of the month is 150000-12500 i.e 137500.
In this case, how can I calculate adjusted turnover and net ITC?
Reply By SUDHANSHU JOSHI:
The Reply:
6 Dated: 12-4-2018
By:- Alkesh Jani
Sir, you are requested to f
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