ITC Cess refund on export of car
Query (Issue) Started By: – saket s Dated:- 14-6-2018 Last Reply Date:- 28-6-2018 Goods and Services Tax – GST
Got 4 Replies
GST
Hi,
\nNeed some input under following scenario.
\nWe locally purchase cars (at GST 28% + Cess 22% = 50%) and export the same. We do not have any local sales of cars, thus, we have accumulated huge ITC credit of cess, and hence we need to fully claim the compensation Cess as refund. For ITC refund the residual rule 89(4) is applicable in our case. However the formula prescribed under rule 89(4) “Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷ Adjusted Total Turnover” reduces our ITC refund substantial<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" ITC Cess refund on export of car Query (Issue) Started By: – saket s Dated:- 14-6-2018 Last Reply Date:- 28-6-2018 Goods and Services Tax – GSTGot 4 RepliesGSTHi, Need some input under following scenario. We locally purchase cars (at GST 28% + Cess 22% = 50%) and export the same. We do not have any … Continue reading “ITC Cess refund on export of car”<\/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-12184","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12184","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=12184"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/12184\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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