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 Topic
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
Related Topics
CAclubindia
