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Excess of ITC refund

ITC / Input 691 views 3 replies

I have purchased goods @ 12%

But we make sales @ 5%

 

Can we claim of Excess ITC as refund 

Replies (3)

Claiming Refund of Excess ITC Under the Goods and Services Tax (GST) regime, you can claim a refund of excess Input Tax Credit (ITC) accumulated due to inverted You might be eligible to claim a refund of excess ITC accumulated due to the inverted duty structure. Procedure for Claiming Refund To claim a refund: -

 *File GST Returns*: File your GST returns (GSTR-1, GSTR-3B, and GSTR-9) accurately. -

*Claim Refund*: Claim the refund of excess ITC in the GST portal. - 

*Supporting Documents*: Maintain supporting documents, including invoices, payment receipts, and records of ITC accumulation.

Conclusion To claim a refund of excess ITC: - 

*Verify Eligibility*: Verify your eligibility for claiming a refund due to inverted duty structure. - 

*File GST Returns*: File your GST returns accurately. - *Claim Refund*: Claim the refund of excess ITC in the GST portal.

You Can Claim refund of in case Inverted Duty Structure with certain conditions and  restrictions , as per section 54(3) of the CGST Act , and rule 89(5) of the CGST rules , ( please refer) , you also refer Circular issued by CBDT , time to time in this regards , along with Case laws . If you are eligible then you Can apply for refund. 

Take more Opinion as well. 

Please correct as "CBIC" above , instead of CBDT . 


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