Gst itc refund
This query is : Resolved
05 September 2023
Please clarify,
1- I bought a good for Rs. 500 + GST (18% Rs.90) = 590
and I sold that good for Rs. 490 + GST (18% Rs. 88.2)= 578.2 (at discount)
here, the ITC of (Rs. 90- Rs. 88.2) Rs. 1.8 is being accumulated,
will this amount be refunded at any time...
2- Am i eligible to claim whole Rs. 90 ITC.
Question relates to discount circular no. 92 and 105 of 2019.
Thanks in advance
1- I bought a good for Rs. 500 + GST (18% Rs.90) = 590
and I sold that good for Rs. 490 + GST (18% Rs. 88.2)= 578.2 (at discount)
here, the ITC of (Rs. 90- Rs. 88.2) Rs. 1.8 is being accumulated,
will this amount be refunded at any time...
2- Am i eligible to claim whole Rs. 90 ITC.
Question relates to discount circular no. 92 and 105 of 2019.
Thanks in advance
05 September 2023
1 No, the rate of GST is 18% in purchase and sale. In such a case no refund.
2 No.
2 No.
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