In case of gst refund without payment of Igst...
if turnover of export goods amended defination Is 100
turnover of export of servises 200
turnover as per domestic supply of goods is 400
turnover of domestic supply of servises is 300
what will be the adujsted turonver as per the cirular no 147...notification no 16/2020
pls help me
In term of Circular 147 , R/w Notification 16/2020 CT amending rule 89(4)
In your case the adjusted turnover will be 1000()
1. Your Domestic supply of Goods is 400/- & 1.5 times of 400 comes to 600/- & the export value for goods is 100. hence the value for Zero rates supply will take. as whichever is lower & that is 100/-
2. Your domestic supply of services is 300/- & 1.5 time of 300/- comes to 450/- hence your zero rated supply of services will 200/-
Actually in your case your domestic supply is much more in value then the value of export , so computing adjusted turnover with new formula does not make any changes.
Now let's take your example with little variation of export & domestic supply in value .
Suppose
Domestic Supply:
value per pcs 10/- & number of pcs supplied 100 , hence your domestic supply will comes to 100/-
Export Supply :
Value per pcs 20/- & number of pcs exported 100 , hence value of Export comes to 200/- (20×10)
Now applying new amended formula will be : 1.5 X 100 = 150 , whereas you export value is 200 , so in the case the value export will taken as 150/- (whichever is lower) & in this case your adjusted turnover will be 250(100+150)
Formula : Net ITC X 150÷250
hope I make you understand the new amended rule 89(4) of CGST Act
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