Export - refunds
Querist : Anonymous
Can we claim refund for such unutilised ITC and please can you explain the procedure?
The formula for Refund of Unutilised ITC specifies refund only for goods exported with LUT with payment of IGST.
Thanks.
https://www.charteredclub.com/gst-refund/
Querist : Anonymous
However, my issue still remains unresolved.
My unutilised ITC is on account of IGST paid without LUT (client has not adjusted ITC) while paying and the formula for refund of unutlised ITC specifically mentions export with LUT without payment of IGST.
Querist : Anonymous
The Formula says:
Maximum Refund amount = (Turnover of inverted rate of supply of goods) X (Net ITC / Adjusted Total Turnover) - Tax payable on such inverted rated supply of goods
As can be seen above this formula is for goods on which there is inverted rate of supply
and other formula in article relates to GST refund in case of exports without payment of IGST.
Thank you for your patience.
Querist : Anonymous
Can you assist with the procedure for filing refund for such ITC
Querist : Anonymous
https://www.charteredclub.com/gst-refund/
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