in the refund formula of inverted GST structure....
NET ITC is confusing...
is it the sum of all ITC of the period irrespective of their rates of all raw materials/spares..
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NET ITC clarify
Replies (6)
Yes you are correct , kindly Refer circular 79/53/2018 GST ,date 31/12/2018
| Originally posted by : Sakthivel K | ||
 |
in the refund formula of inverted GST structure....NET ITC is confusing...is it the sum of all ITC of the period irrespective of their rates of all raw materials/spares.. |  |
Yes it is total ITC excluding input service and capital goods.
Hi Saloni Thank you so much...but can you confirm is it excluding/including ITC from the input services... Attached a GST file from www.cbic.in
Yes you are right, but it is an old flyer. Earlier there was no restriction on it but if you refer to Circular no-79/53/2018-GST, it is clearly mention in the point no-14 Inputs do not include services and capital goods.
We are also into claiming the refund on account of Inverted duty structure, input service and capital goods are not allowed.
Thanks again for your fast reply....have a nice day...👌👍
good clarification and information
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