Dear experts,
I am a job worker In Textiles Industry
Liable to charge 5% GST on supply
I am paying 12% & 18% to my inwards.
Should I claim full I. T. C.?
IF NO, THEN ADVICE ME PLEASE
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I. T. C in Textile
Replies (4)
yes claim full ITC
Thank you
section 54(3)(ii)
[ii] where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies [other than nil rated or fully exempt supplies], except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council:
IT MEANS YOU CAN GET REFUND IF YOU PURCHASE AT HIGHER RATE AND SELL AT LOWER RATE YOU CAN GET REFUND OF INPUT
NOTE- IF YOU FULLY UTILIZE INPUT BY SELLING IN INDIA NOT OUTSIDE INDIA
IF YES THAN ANSWER WILL BE DIFFERENT
*
[ii] where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies [other than nil rated or fully exempt supplies], except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council:
IT MEANS YOU CAN GET REFUND IF YOU PURCHASE AT HIGHER RATE AND SELL AT LOWER RATE YOU CAN GET REFUND OF INPUT
NOTE- IF YOU FULLY UTILIZE INPUT BY SELLING IN INDIA NOT OUTSIDE INDIA
IF YES THAN ANSWER WILL BE DIFFERENT
*
how long time will be carry forward our ITC related textile Chapter 50 to 55 and 60....
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