GST REFUND OF ACCUMULATED CREDIT
This query is : Resolved
22 November 2023
WE HAVE ACCUMULATED GST INPUT CREDIT, WHICH IS DUE TO GST PAID ON ROYALTY UNDER RCM BASIS, NOW WE HAVE CLOSED OUR BUSINESS, CAN WE CLAIM REFUND OF ITC WHICH IS ACCUMULATED DUE TO PAYMENT OF TAX ON RCM BASIS
22 November 2023
Why accumulations is it due to inverted duty.
23 November 2023
we are in mining industry, our output supply is taxable @ 5% and we have to pay gst on royalty charges paid under RCM basis @ 18%, hence there is accumulated gst credit which we want refund
23 November 2023
Yes you can claim refund in such a case.
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