I have surplus GST Credit as
Input YARN is @ 12% ,
Input SPARES PARTS @ 18% & 28% and
output FABRIC is @ 5%.
During the period from July till march I have paid RCM of transporters @ 5%.
Till date I have not claimed any refund.
My query is
1) Can I claim any refund of the excess GST paid ?
2) Can I claim refund of RCM paid during the year.
3) if no refund how to treat excess GST as on 31st March.
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Is there any option of Refund of GST in TEXTILES manufacturing business.
Replies (22)
Yes u can claim refund.... Under inverted duty structure... In which ur output tax liability rate is lower than input tax rate... File RFD01
No refund is available for textiles see the notification and circular in August 2017
Dear Rahul.... Restrictions of refund in that circular is only for fabric supply and not for other textiles... Refund is restricted for chapter no 50-55&60 and not for other supply
our product falls under chapter 60.
Chapter 60 product refund is not allowed... Carry forward ur itc... At 31 st march it is under ur current asset
Can we write off in P&L unutilised credit..as it will be of no use to carry forward
Why u have no use of unutilised ITC.. Carry forward atleast for one year... May be government allowed that in future.. Yes u can write off its in PL if u hv no use
thank you
Welcome sir😀😀😀😀
under textile we manufacture of goods own place so in this case we have to file ITC 04?
No need to file ITC 04 in that case
how long time will be carry forward our ITC related textile Chapter 50 to 55 and 60....
hello sir, i
have same issue...i also want to w/off but any legal support behind w/off.
If u can't claim as itc... Then it becomes ur cost... Write off in Profit and loss account
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