refund of unutilized ITC under GST after export under LUT
Query (Issue) Started By: – BalKrishan Rakheja Dated:- 9-4-2018 Last Reply Date:- 4-6-2018 Goods and Services Tax – GST
Got 11 Replies
GST
After exporting the goods under LUT and claimed refund for untilized ITC. As per formula refund amount comes to Rs. 50 Lacs but credit ledger balance at the end of the tax period (month in which the export took place) is ₹ 10 lacs only. Which amount I am eligible for refund of ITC, however as on today the credit ledger balance is ₹ 80 Lacs
\nReply By YAGAY AND SUN:
\nThe Reply:
\nAs per Section 54(3) of the CGST Act, 2017, a registered person may claim refund of unutilised input tax credit at the end of any tax period. A tax period is the period for which return is required to be furnished.
\nRefund of unutilised input tax credit is allowed only in following two cases:
\na) Zero rated supplies made without payment of tax
\nb) Inverted duty structure
\nReply By Harshal Fifadr<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n cannot spread across different financial years. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n d not in next financial year(s) and onward. You should claim refund against export within one year. Cycle of one year has to be monitored to claim the whole due amount. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" refund of unutilized ITC under GST after export under LUT Query (Issue) Started By: – BalKrishan Rakheja Dated:- 9-4-2018 Last Reply Date:- 4-6-2018 Goods and Services Tax – GSTGot 11 RepliesGSTAfter exporting the goods under LUT and claimed refund for untilized ITC. As per formula refund amount comes to Rs. 50 Lacs but credit ledger … Continue reading “refund of unutilized ITC under GST after 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-11391","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11391","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=11391"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/11391\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nHowever, to be honest, I am not be to understand para 11.2. I request our experts to please clarify the issue that how to club and how to file the refund for quarters, as online it is for the month only.
\nReply By BalKrishan Rakheja:
\nThe Reply:
\nThanks Harshal ji. I also agree with your views.
\nReply By BalKrishan Rakheja:
\nThe Reply:
\nThanks Alkesh Jani ji for your valuable information. But my querry is still unanswered regarding for which amount I am eligible for refund. Please give your valuable advise.
\nReply By Alkesh Jani:
\nThe Reply:
\nSir, you are requested to furnish the figures as per formula, than only proper reply can be given by our experts. However, if we think logically, the refund may be equal to or less than the input tax of value of exported goods. For example, if goods exported valued for ₹ 100\/- than refund shall be ₹ 18\/- or less.
\nReply By KASTURI SETHI:
\nThe Reply:
\nDear Querist,
\n Rs.10 lacs is correct a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By BalKrishan Rakheja:
\nThe Reply:
\nThanks Sethi ji. I am fully agreed with your views.
\nReply By rohit patodi:
\nThe Reply:
\nwhat would be my adjusted turnover and net ITC in case of refund of input tax credit availed on inputs in case of exporters. For eg., an exporter has exported goods on LUT worth rs 2500000 in July period and in the same period he has done taxable sale within state worth rs 500000 and tax is ₹ 12500 cgst and sgst. So Total sale would be 3000000 rs. He has total input on purchases amounting to ₹ 150000 cgst and sgst. Thus input left at the end of the tax period at the end of the month is 150000-12500 i.e 137500.
\nIn this case, how can I calculate adjusted turnover and net ITC?
\nReply By SUDHANSHU JOSHI:
\nThe Reply:
\n\t6 Dated: 12-4-2018
\n\tBy:- Alkesh Jani
\nSir, you are requested to f<\/p>\n
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