which amount to be claimed as refund for accumulated ITC in case of export under LUT
Query (Issue) Started By: – BalKrishan Rakheja Dated:- 6-4-2018 Last Reply Date:- 12-4-2018 Goods and Services Tax – GST
Got 4 Replies
GST
One party is engaged in manufacturing and clearing the goods on payment of duty in DTA and under LUT for export. The party claimed refund of accumulated ITC for the tax period of July 2017 amounting to ₹ 1.62 Crores on 05.01.2018 after making debit entry of the amount claimed as refund. The party also made some more debit entry in the same month for refund claimed for the month of August and September also. Now the detail of the amount remained in the electronic credit ledger is as under:
\n1. Balance as on 31.01.2018 in the credit ledger after debiting the duty for the month of Decmber 2017 and debit entry made for three refunds is = ₹ 50 lacs only
\n2. Balance for the month of July after taking credit and debiting the duty (Tax period for wh<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ax credit availed on inputs and input services during the relevant period other than the input tax credit availed for which refund is claimed under sub-rules (4A) or (4B) or both; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n f say when the accumulated ITC for the period (Tax period) for which refund claimed is less than the refund claimed then how he can claim for refund of that amount which was not accumulated as ITC. for example accumulated ITC for the relevant period is ₹ 100000\/- and he filed refund as per formula (maximum refund amount) for ₹ 1.5 Lacs. My question is which amount is elgible to him claimed as refund of accumulated I = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" which amount to be claimed as refund for accumulated ITC in case of export under LUT Query (Issue) Started By: – BalKrishan Rakheja Dated:- 6-4-2018 Last Reply Date:- 12-4-2018 Goods and Services Tax – GSTGot 4 RepliesGSTOne party is engaged in manufacturing and clearing the goods on payment of duty in DTA and under LUT … Continue reading “which amount to be claimed as refund for accumulated ITC in case of export under LUT”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11338","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11338"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11338\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\n (C) "Turnover of zero-rated supply of goods" means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both;
\n (D) "Turnover of zero-rated supply of services" means the value of zero-rated supply of services made without payment of tax under bond or letter of undertaking, calculated in the following manner, namely:-
\n Zero-rated supply of services is the aggregate of the payments received during the relevant period for zero-rated supply of services and zero-rated supply of services where supply has been completed for which payment had been received in advance in any period prior to the relevant period red<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Harshal Fifadra:
\nThe Reply:
\nThe refund application is allowed to be filed for lower of following:
\n1. Refund as per the formula
\n2. ITC claimed in GSTR-3B
\n3. Balance amount in ITC ledger
\nReply By BalKrishan Rakheja:
\nThe Reply:
\nThanks Harshal ji for your valuable opinion.
\n Please clarify for which period the credit ledger's balance is to be claimed as refund .
\n(1) Credit ledger balance of July 17 (Rs. 20 lacs) for which the refund pertains as the export was done in July 17 and ITC was also availed in July 2017 or
\n(2) credit ledger balance (Rs<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n