Refund of accumulated ITC due to supplies @0.1% GST merchant exporters
Query (Issue) Started By: – MohanLal tiwari Dated:- 27-12-2018 Last Reply Date:- 28-12-2018 Goods and Services Tax – GST
Got 5 Replies
GST
Dear Panelists,
\nWe are manufacturing & supplying goods to merchant exporters @ 0.1%, Railway parts @5% and others @18%. Due to maximum supplies to merchant exporters and railways, the ITC is getting accumulated day be day.
\nKindly advise whether we should claim refund of accumulated ITC on account of supplies to merchant exporters, if so how we can segregate the ITC against ITC taken for manufacturing of export or railway goods if some of the inputs are common for all.
\nReply By KASTURI SETHI:
\nThe Reply:
\nIn GST era, the<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n charging GST @0.1% for export through merchant exporter. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Refund of accumulated ITC due to supplies @0.1% GST merchant exporters Query (Issue) Started By: – MohanLal tiwari Dated:- 27-12-2018 Last Reply Date:- 28-12-2018 Goods and Services Tax – GSTGot 5 RepliesGSTDear Panelists, We are manufacturing & supplying goods to merchant exporters @ 0.1%, Railway parts @5% and others @18%. Due to maximum supplies to … Continue reading “Refund of accumulated ITC due to supplies @0.1% GST merchant exporters”<\/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-15730","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15730","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=15730"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/15730\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nAccording to Section 54 (3) (ii) of CGST Act, 2017 'where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council." :
\nSince you are paying more tax on inward supply of materials procured by you and your out put tax rate is less than the rate tax paid on inward supplies you can claim refund due to the reason of inverted tax rate.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRefund can be claimed for ex<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n