I am a manufacturer of refined oil and during the process deoiled cake is produced as a by product which is also taxable .A Portion of the de oil cake is also used to manufacture cattle feed, which is exempted. Due to accountant mistakes the ITC was reverse section 17(2)on proportional basis rather than procedure late down by rule 42 due to which excess ITC was reverse .Can this excess ITC be refunded by the authorities,or is there any provision to claim the refund in such matters of excess reversed ITC?
Menu
Can excess ITC reversed as per section 17(2 )and rule 42 be refunded
Replies (1)
If ITC was reversed in excess due to mitakes based on Section 17(2) on a proportional basis instead of following Rule 42, you might be able to claim a refund or adjust the ITC.
You can file for a refund of the excess ITC reversed if it was due to an error. GST law allows refunds for excess payment or mistaken payment of tax.
Recent Threads
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
- Share sale by promoter of public limited company
- Individual working for a firm to take sales orders
- BIN view site not working
- Settlement of advance by customer
- GST chow cause notice
- Un claim ITC
- Form 49AA - OCI card holder applying for PAN card
- Section 54f and Sale between father and Son.
Related Threads
CAclubindia
