A person is importing broom on payment of IGST under RCM. And selling the same in domestic market.
The sale is nil rated as tax rate on such sale is 0%.
Whether ITC is eligible under RCM for the same.
If yes, can we claim refund is ITC?
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ITC & refund eligibility
Replies (4)
Quick Summary
Yes itc available on Rcm on cash basis thais first you pay to govt from cash ledger than claim itc on rcm
and you can claim refund because of inverted duty structure
and you can claim refund because of inverted duty structure
Please note that domestic sale is nil rated.
No u ate not eligible for itc as per rule 42 proportional of total itc is allowed ...this is not inverted rate structure u are also not eligible for refund
Ok you are right if domestic sale is nil rated than you cant claim itc
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