115 Points
Joined June 2016
| Originally posted by : PRABIR PAUL |
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You mean to say in that case we have to pay IGST from our own pockets.
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Suppose you are a merchant exporter:-
1) You Purchase goods worth Rs. 1,00,000/- + 18% IGST (18,000/-) = 1,18,000/-
2) Rs.18,000/- is your ITC on Purchase that you will get in monthly return
3) Export the above goods for Rs.1,10,000/- against 18% IGST (Rs..19,800/-) (show both figures in Invoice)
4) now In monthly return, you have to Pay Export IGST Rs.19,800, but you will claim No.2 ITC 18,000 & so you will be paying only diff Rs.1800/-.extraout of pocket.
5) Also, in monthly return, you will claim the full refund of Rs.19,800/- shown in Export Invoice while providing all relevant data specified by the law.