Refund
This query is : Resolved
Quick Summary
05 February 2021
If a manufacturer purchases finished goods for trading purposes...ITC can t be claimed for refund purposes!!!
For caluculation of Rule 89(5)
Please tell me the working of pirchases fo finished goods and sale of finished goods
In my case purchases on finiahed goods in 2019-20
And sale in 2020-21
For caluculation of Rule 89(5)
Please tell me the working of pirchases fo finished goods and sale of finished goods
In my case purchases on finiahed goods in 2019-20
And sale in 2020-21
05 February 2021
Claim ITC in 2019-20 it will be in credit ledger adjust it against payment in 2020-21.
05 February 2021
It means no adjustment to be made on 2019-20 for calculating Refund Rule 89(5)
...whole itc can be claimed?
...whole itc can be claimed?
05 February 2021
Yes claim full ITC and adjust it next year against GST payment.
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