I have few queries regarding the input tax credit under GST:-
1) My finished and raw material both have 5% tax. But few consumables have 12% and 18% tax. Will I get full credit for consumables also or in some proportionate ratio?
2) My raw material has 28% tax while the finished good has 18% tax. Will I get full credit? Will I get the refund also if ITC is greater than my tax amount?
Thanks
1. You will get full credit. No proportionate ratio etc.
2. You can get refund for excess credits due to inverted duty structure. ther eis a provision for interest if refund is delayed more than 60 days, though in practice refund should be processed within a week.
.Regards
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