for a manufacturing unit
ITC rawmaterial cotton/cotton waste purch.is 5%
ITC on raw material cotton yarn purch. is 5%
ITC on raw material viscose yarn purch is 12%
ITC on m/cry spares purch is 18%
GST on sales of viscose fabric is 5%
GST on sales of Cotton fabric is 5%
GST on sales of manufactured CottonYarn is 5%
how to calculate the refund amount under inverted duty structure..
in the formula
net ITC means....
adjusted total turnover means...
please clarify
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Inverted GST structure refund
Replies (3)
As per Section 54(3) & R/w Circular 79/53/2018 : Net ITC covers the ITC availed on all Inputs in the relevant period , irrespective of their Rate of Tax ., hence Net will include all inward supplies for 5%+5%+12%
Formula :
Maximum Refund Amount = {(Turnover of inverted rated supply of goods & servicea) x Net ITC ÷ Adjusted Total Turnover} – tax payable on such inverted rated supply of goods
Adjusted Total turnover” means the turnover in a State excluding the value of exempt supplies other than zero-rated supplies, during the relevant period;
Formula :
Maximum Refund Amount = {(Turnover of inverted rated supply of goods & servicea) x Net ITC ÷ Adjusted Total Turnover} – tax payable on such inverted rated supply of goods
Adjusted Total turnover” means the turnover in a State excluding the value of exempt supplies other than zero-rated supplies, during the relevant period;
many thanks
good clarification and information
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