Inverted Duty Structure GST Refund

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TAX PRACTITIONER

153 Points Joined July 2009

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)}