How to get input tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2018 Dear All
XYZ is Company, ABC is Distributor and RRY is retailers

XYZ supplies 10, 00,000 materials with 28% tax i.e., 2,80,000 to ABC Distributor
XYZ directly gives Zero Coupons to RRY retailers
RRY come to Distributor and taking 10, 00,000 materials with Zero coupons
XYZ gives credit note to ABC distributor 10, 50,000(with 5% margin)
The above transaction only 25% of all Turnovers, remaining 75% is normal transactions
Now doubts
1. Is the above transaction right as per GST ACT
2. If yes when can I utilize the above 2,80,000(input) because every month I am getting excess input only
3. Is there any process to get refund for my input tax value

PURCHASE 4000000 Tax@28 =1120000-- A

SALES WITH 5% MARGIN
75% NORMAL TRANSACTION 3150000 Tax@28=882000--B
25% ZERO COUPONS 1050000 Tax@28=0--C
Total output tax(B+C) 882000--D
BALANCE EXCESS INPUT (D-A) -238000--E

please give reply as early as possible

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 April 2018 Input credit has to be reversed on zero coupons. Hence there will be no excess credit available for refund.

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