Regarding rate difference under gst
This query is : Resolved
05 April 2018
My query is I have purchased Raw material for making "Payal" on which applicable rate is 18%. And When I convert the RM in to Finished Product i.e. "Payal". 3 % GST is applicable.
Finally I have got 15% ITC.
please elaborate the situation and consequences.
Thanks in Advance
Finally I have got 15% ITC.
please elaborate the situation and consequences.
Thanks in Advance
05 April 2018
Hi. This is known as inverted duty structure. If the input tax credit is accumulating because the rate of tax on output is less than that on inputs, then you can claim refund of the accumulates ITC. Please follow the procedure mentioned in section 54 read with rule 96(5).
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