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Calculation of refund
One of my party is mfg. concern.It has a purchase at a rate of 5% and some minor percentage amount is on 12%.It has a sales at a rate of 5%.As per normal scene it is visible that it is not covered under inverted tax structure but as per circular 125 of cgst it is clarified that we can claim refund.So it should be considered as a inverted or not?
Replies (5)
Are you having always 5 % sales ?
Inverted duty structure means input rates are higher then output then it's a case of inverted duty structure and but its not all to all industries
Yes i am having turnover always on 5%
You will get the refund but when you look at the formula provided under rule 89(5) you will get a very very meager amount and main point is you will not get any refund on input services so worthless to apply even I guess.
Thanks for your reply i had calculated refund as per 89(5) and there is a refund with good amout and i have idea that itc on services not is available.
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