Menu
Excess Gst input credit
In Textile’s excess balance in electronic credit ledger is non refundable. It is accumulated due to 12 gst on raw materials
Replies (6)
If tax on raw materials is higher than tax rate on output sales, it is called inverted tax scruture. In such cases the company will always have excess input credit, hence the government has included in law that in such cases the companies can claim refund of excess input by failing refund claim
But in textiles it is non refundable
Sl. No. Process Refund Allowed or not Remarks
1. Textile Fabrics No Refund Notification no 05/2017 (Central Tax)
2. Textile Processing Refund allowed
3. Apparels Refund allowed
Refer attached article for better understanding
So textiles fabrics no refunds... so what to do with this excess unitised gst, which on the other hand increasing net profit.
No treatment under GST.
Sunk cost which you can write off in P&L at end of every financial year
We will write of this gst in our account, but what about gst at portal, it will mismatch with our account
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
