ITC refund after reducing time barred FIRC

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AndyR (Querist)
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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.

Rajamahendra Varma M.B.A.,LL.B

Rajamahendra Varma M.B.A.,LL.B (Expert)
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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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ITC refund after reducing time barred FIRC

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