Input tax credit adjustment while export of service/goods
This query is : Open
26 July 2019
Dear madam/sir,
Suppose there is one company which provides services in India as well as export Services outside India as Zero Rated Supply and applies for LUT and does not pay IGST on Export.
Now, can this company avail/adjust Input Tax Credit used for providing Zero rated supply against supplies related to domestic supplies?
Thank you.
Sujit.
Suppose there is one company which provides services in India as well as export Services outside India as Zero Rated Supply and applies for LUT and does not pay IGST on Export.
Now, can this company avail/adjust Input Tax Credit used for providing Zero rated supply against supplies related to domestic supplies?
Thank you.
Sujit.
26 July 2019
Its better you can claim refund of unutilised credit for respective month.
26 July 2019
Dear Sir,
But I think we can claim refund of GST on Input of Export if :
1. we have paid IGST on Export and them claim for related Inputs
and here company is under LUT.
Regards,
Sujit.
But I think we can claim refund of GST on Input of Export if :
1. we have paid IGST on Export and them claim for related Inputs
and here company is under LUT.
Regards,
Sujit.
26 July 2019
You are right.... But if export clearance under LUT, i.e. Without Pay then you could not claim refund. I am suggesting you Refund of ITC on Export of Goods & Services without Payment of Tax. For this claim you have to file GST RFD-01A, While applying below points kept in mind. Adjusted Total turnover means the sum total of the value of-
(a) the turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding the turnover of services; and
(b) the turnover of zero-rated supply of services determined in terms of clause (D) of rule 89(4) of CGST Rules, 2017 and non-zero-rated supply of services,
excluding-
(i) the value of exempt supplies other than zero-rated supplies; and
(ii) the turnover of supplies in respect of which refund is claimed under sub-rule (4A) or sub-rule (4B) or both, if any, during the relevant period.
Otherwise export shipment clear with pay of IGST & claim refund directly from Custom/ICEGATE.
(a) the turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding the turnover of services; and
(b) the turnover of zero-rated supply of services determined in terms of clause (D) of rule 89(4) of CGST Rules, 2017 and non-zero-rated supply of services,
excluding-
(i) the value of exempt supplies other than zero-rated supplies; and
(ii) the turnover of supplies in respect of which refund is claimed under sub-rule (4A) or sub-rule (4B) or both, if any, during the relevant period.
Otherwise export shipment clear with pay of IGST & claim refund directly from Custom/ICEGATE.
26 July 2019
Thank you for your suggestion.
I will look into your valuable points.
I will look into your valuable points.
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