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Quary Regarding ITC
One of My Client Doing Raw cotton Trading, Raw Cotton Ginning and Pressing Business. He Makes Inter State, Intra State and Deemed Export Outward Supplies. Once He Purchased Lint with Rate of 5% and Made Deemed Exports with 0.10%. Weather My Client Can avail Full ITC or Will Apply Refund for 4.90% or Reverse the 4.90%. Pls Clarify Me.
Replies (2)
Two options are available
first- without paying Outward GST, can take refund of ITC
second- pay GST on outward supplies and then take entire outward tax as refund
first- without paying Outward GST, can take refund of ITC
second- pay GST on outward supplies and then take entire outward tax as refund
But lot of documentation to fullfill. practicle difficulties. in future avoid taking benefit of this notification of deemed export
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