Can RCM be adjusted with ITC

ITC / Input 4658 views 21 replies

CA Akhilesh Kumar Kandpal

Proprietor A K Kandpal & Associates

1442 Points Joined February 2010

but why do you need to take refund when you can take credit of the same? refund provision is only for those whose input rate is more than output rate....whereas in textile industry, it cannot be possible....

Replies (21)

CA Akhilesh Kumar Kandpal

Proprietor A K Kandpal & Associates

1442 Points Joined February 2010

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : Neha Jain
	No, At first you have to deposit RCM to govt than you can avail ITC of that

What is mean your reply? Which based ans this...?

I replied to Keshav Kakar's.....

(How can the refund be claimed. As per my knowledge fabric manufacturers are not eligible for refund of ITC)

Arun Trivedi

JOB

80 Points Joined June 2010

Is there any rule in gst where fabric manufacturers specialy will not get refund of itc??

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Please you can search it on Google....
Many more articles in Google....

Kaushik Deepak (KD)

Deputy Finance Manager

1136 Points Joined May 2013

Originally posted by : RAJA P M
	Originally posted by : Deepak Kr. Sharma NO RCM can't be adjusted with input. However refund provisions are there for your case. Dont worry you can claim refund under this situtaion Refund Process under GSTREFUND PROCESS UNDER GST Following are the procedures for processing of refund claimed-: Application form for claiming refund can be filed through the GSTN portal. An acknowledgement number would be shared with applicant via sms or email, once the application is filed electronically. Adjustment would be made to return and cash ledger and reduce the “carry-forward input tax credit” automatically. Refund application and documents submitted shall be scrutinized within a period of 30 days of filing the refund application. Concept of “unjust enrichment” would be examined for reach refund application. If it does not qualify, then the refund would be transferred to CWF(consumer welfare fund). If refund claimed exceeds the predetermined amount of refund then it will go through pre-audit process for sanctioning the refund. Refund will be credited electronically to the account of applicant via ECS, RTGS or NEFT. Application for refund can be made at end of each quarter. No refund shall be provided for an amount of less than Rs 1000. Dear Deepak., Your clarification is EXACTLY CORRECT.... But, what is the sad moment...? It's not applicable to Textile Industry....Only adjust his ITC to his input liabilities...