GST – Started By: – Rajesh kumar – Dated:- 5-2-2019 Last Replied Date:- 5-2-2019 – R/SONE 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} – tax payable on such inverted rated supply of goods and services. Explanation : – For the purposes
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