How to calculate adjust total turnover

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This discussion explains how to calculate adjusted total turnover for GST refund claims, specifically for RFD01. It provides an example involving export sales, interstate sales (including tax), and input tax credits. The calculation involves excluding tax from sales figures to arrive at the correct turnover for refund purposes. It also clarifies that input tax credit can be used for domestic sales without a time limit.

ARCHANA

ARCHANA (Querist)
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29 August 2020 sir/Mam,

I am filing refund RFD01, kindly help how to caculate adjust total turnover
Example
Export Sales 27
Inter State Sales 30(including tax)

Input Tax 18 Thousand
Less: 5 Thousand Tax adjusted in interstate sales
Total Input Tax 13 available

How to calculate adjusted turnover and how much amount refund to claim explain as per above example

Thanking you

Lekhraj sood

Lekhraj sood (Expert)
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30 August 2020 Exclude tax from including tax sales.Lets say rate of GST on your product is 18% so the tax will be
30/118*18 = 4.58.thus the without tax turnover will be 25.42
Total adjusted turnover = 25.42+27=52.58
Refund of ITC on exports = 18 (total ITC availed)/52.58*27=9.24

ARCHANA

ARCHANA (Querist)
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30 August 2020 Thank you for your reply

ARCHANA

ARCHANA (Querist)
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30 August 2020 Sir,

Without claimimg refund we can use our credit balance adjust domestic sales tax purpose, is there any time limit

Thanking you

Lekhraj sood

Lekhraj sood (Expert)
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30 August 2020 Yes, you can use for paying GST on domestic sales also.There is no time limit to use the ITC.

ARCHANA

ARCHANA (Querist)
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31 August 2020 Thank you sir quick replies

ARCHANA

ARCHANA (Querist)
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11 September 2020 Sir,

We are planning a Solar Power , which generates power , we will invoice to the Factory.

Initially we invest 1.5 c for Solar projects

Then monthly Invoice will do for units say 3 lac per month.

Type GST paid on Solar Equipment for 1.5 crores, can we claim refund.

Please clarify doubt.

Thanking you

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