Hi friends, In Inverted Duty Structure GST Refund, Is this my workings correct or not? Whether any adjustment required for Capital Goods Sale?
| GST REFUND ON INVERTED DUTY STRUCTURE | ||
| VALUE | GST | |
| INVERTED TURNOVER @ 5% | 63919356 | 3195968 |
| CAPITAL GOODS SALES @ 18% | 4165000 | 749700 |
| TOTAL | 68084356 | 3945668 |
| ITC ON INPUT GOODS | 6522449 | |
| ITC ON INPUT SERVICES | 51671 | |
| ITC ON CAPITAL GOODS | 2035352 | |
| TOTAL ITC | 8609472 | |
| ELIGIBLE GST REFUND AS PER RULE 89(5) | 2952596 | |
| Maximum Refund Amount = {(Inverted Turnover) x ITC on Input Goods ÷ Total Turnover} - {Output Tax on Inverted Turnover x (ITC on Input Goods ÷ ITC on Input Goods and Input Services)} | ||
Kindly share your opinions. Thanks in advance...
CAclubindia
