Goods and Services Tax – Started By: – S RAMAN – Dated:- 4-11-2017 Last Replied Date:- 13-11-2017 – We are paying 28% for our rawmaterials. GST for finished products is only 18% and there is credit in electronic ledger. What we need to know whether we have to apply for refund – if so when ? – Reply By MARIAPPAN GOVINDARAJAN – The Reply = In my view in your case no refund is possible. – Reply By Rajagopalan Ranganathan – The Reply = Sir, According to Section 54 (3) (ii) of CGST Act, 2017 Subject to provisions of Section 54 (10) of CGST Act, 2017 a registered person may claim refund of any unutilised input tax credit at the end of any tax period where the credit has accumulated on account of rate of tax on inputs being higher than the rate o
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
e supply of goods and services. In these sub-sections so many 'ifs' and 'buts' are involved. In real sense or practically not permitted. One has to read sub sections word for word along with ITC notification issued originally in order to arrive at correct decision. Whatever you have depicted in your query, on that basis refund is not admissible. – Reply By Ramaswamy S – The Reply = Refund is allowed. Please refer to second proviso to Section 54(3) of the CGST Act It says refund of unutilised input tax credit is allowed under the following situations: 1. Zero rated supplies made without payment of tax 2. where the credit accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (othe
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =