Duty Drawback & Input Credit – under GST
Query (Issue) Started By: – unni kv Dated:- 21-9-2017 Last Reply Date:- 22-9-2017 Goods and Services Tax – GST
Got 11 Replies
GST
Dear Sir
\nWe are a Man Made Fabrics exporter (95% export) located at Kannur District, Kerala.
\nWe are exporting against Letter of Undertaking without paying GST.
\nWe are availing duty drawback in the lower rate (from 1\/7\/2017 onwards), earlier
\nwe used to availed duty drawback in the High rate i.e till 30\/6\/2017.
\nCould you please clarify my following query
\n * Whether we are eligible for avail Input Credit for materials purchased ?
\n * Whether Input Credit can avail for Integrated Tax paid for Import?
\n * Whether input credit can avail on SGST\/CGST paid on R<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n August 2017 after making payment towards = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ng\/bond without payment of IGST how can you claim drawback? = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Duty Drawback & Input Credit – under GST Query (Issue) Started By: – unni kv Dated:- 21-9-2017 Last Reply Date:- 22-9-2017 Goods and Services Tax – GSTGot 11 RepliesGSTDear Sir We are a Man Made Fabrics exporter (95% export) located at Kannur District, Kerala. We are exporting against Letter of Undertaking without paying GST. We … Continue reading “Duty Drawback & Input Credit – under GST”<\/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-7853","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7853","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=7853"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7853\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nCGST\/SGST on RCM and showed as ITC receivable for tax on purchases\/RCM, is this
\nCorrect or else how we can reverse these ITC. We have not any set off against this
\nITC receivable.-YES, IT IS CORRECT PROCEDURE
\nReply By unni kv:
\nThe Reply:
\nSir,
\nThanks, since we are availaing duty draw back in lower rate (2.50%), my question is whether we
\ncan avail input credit on purchase\/RCM or not ?
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nAs per proviso 3 of Section 54 (3) of CGST Act, 2017 "no refund of input tax credit shall be allowed, if the supplier of goods or services or both avails of drawback in respect of central tax or claims refund of the integrated tax paid on such supplies."<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By SHIVKUMAR SHARMA:
\nThe Reply:
\nYes, Yoy can avail input tax credit on purchase\/RCM
\nReply By unni kv:
\nThe Reply:
\nSir,
\nOur output supply is taxable as per GST but exporting with Nil Tax against Letter of Undertaking
\nand availing Duty Drawback (at lower rate i.e 2.50%) . Still whether we can avail Input credit on
\npurchase and tax paid on RCM ?
\nReply By unni kv:
\nThe Reply:
\nDear Rajagopalan Ranganathan
\nSir, we are availing duty drawback not in respect of Central Tax or IGST paid on supplies, it is on the
\nbasis of the rates of drawback specified against the various tariff items.
\nReply By SHIVKUMAR SHARMA:
\nThe Reply:
\nYour output supply is taxable as per GST Rule & y<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n