Query on Inverted Duty Structure GST Refund

SANGEETH KUMAR.P (TAX PRACTITIONER) (153 Points)

31 July 2023  

Hi friends,

In Inverted Duty Structure GST Refund, Is this my workings correct or not? 

GST REFUND ON INVERTED DUTY STRUCTURE
     
  VALUE GST
     
INVERTED TURNOVER @ 5% 63919356 3195968
CAPITAL GOODS SALES @ 18% 4165000 749700
     
TOTAL  68084356 3945668
     
     
ITC ON INPUT GOODS   6522449
ITC ON INPUT SERVICES   51671
ITC ON CAPITAL GOODS   2035352
     
TOTAL ITC   8609472
     
ELIGIBLE GST REFUND AS PER RULE 89(5)   2952596
     
Maximum Refund Amount = {(Inverted Turnover) x ITC on Input Goods ÷ Total Turnover} - {Output Tax on Inverted Turnover x (ITC on Input Goods ÷ ITC on Input Goods and Input Services)}

Kindly share your opinions. Thanks in Advance...