Input tax credit
Querist : Anonymous
we are producing Cotton seed oil, our raw material is cotton seed HSN 1207 @ 5% and our Finished goods are 1 = Cotton seed Oil HSN 1516 @ 5 %
2 = Cotton Seed Cake HSN 2306 @ 0 %
in this case we will have accumulated Credit because of utilization, can we claim for refund or we will have to reverse due to HSN 2306 is zero rated.
Querist : Anonymous
or
No need reversal, Refund can be Claim.
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