REFUND ON INVERTED DUTY STRUCTURE
Query (Issue) Started By: – Rajesh kumar Dated:- 5-2-2019 Last Reply Date:- 5-2-2019 Goods and Services Tax – GST
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GST
R/S
ONE PERSON REGISTER UNDER GST. HIS SALE MANUFACTURE PRODUCT FALL UNDER @ 12% BUT ON INPUT GOODS RATE IS 12 AND 18%. SO IN THIS CASE HOW I CALCULATE OF AMOUNT FOR REFUND UNDER INVERTED DUTY . PLS HELP
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
According to rule 89 (5) of CGST Rules, 2017, "In the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula :-
Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover
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