Gst refund application- FOB OR CIF

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When applying for a GST refund for zero-rated supplies under LUT, it's crucial to use the FOB (Free On Board) value for both the zero-rated turnover and the adjusted total turnover sections. If your FOB value is £100,000 and your CIF (Cost, Insurance, Freight) value is £150,000, you should declare £100,000 in both fields. The maximum refund you can claim is limited by your Input Tax Credit (ITC) as per your GSTR-3B, and this maximum refund should be bifurcated into IGST, SGST, and CGST accordingly.

aarya

aarya (Querist)

05 June 2023 WE ARE MERCHANT EXPORTER UNDER LUT , WHILE GST REFUND APPLICATION , AT TURNOVER OF ZERO RATED SUPPLY OF GOODS AND SERVICES WE SHOULD MENTION FOB VALUE OR TOTAL VALUE THAT IS CIF VALUE AND AND AT ADJUSTED TOTAL TURNOVER WE SHOULD MENTION FOB OR CIF VALUE (TOTAL VALUE)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

05 June 2023 Mention FOB value.

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aarya

aarya (Querist)

06 June 2023 sir there are two section at RFD 1 , first one is turnover at zero rated and other one is ADJUSTED TOTAL TURNOVER suppose my fob value is 100000 and cif value is 150000 then at both the places it will be 100000 or at zero rated 100000 and at adjusted total turnover it will be 150000 and at maximum refund can be claim is less than itc amount as per 3 B and how we can bifurgate maximum refund into IGST ,SGST , CGST (as it is less that 3 b amount)

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

06 June 2023 On both places it will be 1,00,000.
Claim refund as per 3b.

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