Duty Drawback & Input Credit – under GST
Query (Issue) Started By: – unni kv Dated:- 21-9-2017 Last Reply Date:- 22-9-2017 Goods and Services Tax – GST
Got 11 Replies
GST
Dear Sir
We are a Man Made Fabrics exporter (95% export) located at Kannur District, Kerala.
We are exporting against Letter of Undertaking without paying GST.
We are availing duty drawback in the lower rate (from 1/7/2017 onwards), earlier
we used to availed duty drawback in the High rate i.e till 30/6/2017.
Could you please clarify my following query
* Whether we are eligible for avail Input Credit for materials purchased ?
* Whether Input Credit can avail for Integrated Tax paid for Import?
* Whether input credit can avail on SGST/CGST paid on R
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August 2017 after making payment towards
CGST/SGST on RCM and showed as ITC receivable for tax on purchases/RCM, is this
Correct or else how we can reverse these ITC. We have not any set off against this
ITC receivable.-YES, IT IS CORRECT PROCEDURE
Reply By unni kv:
The Reply:
Sir,
Thanks, since we are availaing duty draw back in lower rate (2.50%), my question is whether we
can avail input credit on purchase/RCM or not ?
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
As per proviso 3 of Section 54 (3) of CGST Act, 2017 "no refund of input tax credit shall be allowed, if the supplier of goods or services or both avails of drawback in respect of central tax or claims refund of the integrated tax paid on such supplies."
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ng/bond without payment of IGST how can you claim drawback?
Reply By SHIVKUMAR SHARMA:
The Reply:
Yes, Yoy can avail input tax credit on purchase/RCM
Reply By unni kv:
The Reply:
Sir,
Our output supply is taxable as per GST but exporting with Nil Tax against Letter of Undertaking
and availing Duty Drawback (at lower rate i.e 2.50%) . Still whether we can avail Input credit on
purchase and tax paid on RCM ?
Reply By unni kv:
The Reply:
Dear Rajagopalan Ranganathan
Sir, we are availing duty drawback not in respect of Central Tax or IGST paid on supplies, it is on the
basis of the rates of drawback specified against the various tariff items.
Reply By SHIVKUMAR SHARMA:
The Reply:
Your output supply is taxable as per GST Rule & y
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