ITC refund after reducing time barred FIRC
This query is : Resolved
31 May 2021
My client has 15 cr as zero rated supply of services for the quarter Apr-Jun19 out of which 5 cr has been termed as time barred. His domestic supply if 6 cr and net ITC for the quarter is 40 lakhs. Refund sanctioning authority has sanctioned 10/16*30=18.75 lLakhs. That is, the zero rated TO has been reduced by time barred FIRCs (15-5=10)and the ITC also has been proportionately reduced by Time Barred FIRCs (40-10=30) and refund calculation done accordingly. Is it correct.
15 June 2021
Have to review accounts & records for better understanding of transactions. Please call me on : nine nine zero one eight four one one five zero if you need any help.
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