- Company is in the business of trading imported coal in India.
- At the time of import following GST are paid:
- IGST @ 5% plus cess @ Rs. 400/MT
- Ocean freight 0.5% of CIF value through Reverse Charge Mechanism
- Company takes input credit of all.
- After that company incurs stevedoring charges in which 18% GST is collected by CHA.
- Now company sells coal in which GST @ 5% plus cess @ Rs. 400/MT are collected.
- In current year company has suffered huge loss for which after selling of all stock, Rs. 50 Crore GST input is still unutilized.
- Now, how remaining GST input can be utilized or is there any way to claim refund from Government? Is inverted GST rate against Stevedoring charges can be claimed as refund?
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Refund of accumulated gst input credit balance
Replies (2)
Yes you claim refund under inverted in structure
Is refund against inverted duty structure can be used even if the higher rate is related to service and final sales is of product and not service.
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