can i get refund of inverted tax structure in following situation??
i purchase thread @ 12% or 18% and with that thread i carried out job work and rate charged on jobwork is 5%. So can i claim refund of accumulated ITC?
And if not then how can i get the refund for that bcz i have ITC in my account.
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INVERTED TAX SRRUCTURE
Replies (2)
Yes you can get refund under inverted duty structure.
by filing rfd o1
by filing rfd o1
you can can ITC under inverted rate tax structure if your outward tax rate is less than your inward tax rate.
job work is your inward service not your outward tax liability.
For claiming such ITC there should be outward supply with lower tax rate than inward.
job work is your inward service not your outward tax liability.
For claiming such ITC there should be outward supply with lower tax rate than inward.
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