How to calculate adjust total turnover
This query is : Resolved
Quick Summary
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
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
(Expert)
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
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
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
Without claimimg refund we can use our credit balance adjust domestic sales tax purpose, is there any time limit
Thanking you
Lekhraj sood
(Expert)
30 August 2020
Yes, you can use for paying GST on domestic sales also.There is no time limit to use the ITC.
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
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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