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Refund of excess ITC
My assesse is doing the textile business.he purchase the grey fabric.then do dyeing .printing and embroidery work and then sells as a saree or as dress materials. The gst rate on purchase of grey fabrics is 5% and gst on finished product is also 5% .but the packing materials like boxes. cartoons attracts gst rate 12 and 18% .so can he get refund of excess ITC accumulated due to differences in gst rates of packing materials and gst rate of finished product?
Replies (2)
Yes..inverted rate structure..only allow if such inward Supply is important part of outward supply
According to me, It's not a inverted duty structure.
Bacause Packing material like boxes, cartoons as inward Supply is not taking a substantial part of cost.
Substantial cost of saree which is material in nature is Grey fabric or cost of embroidery work on its ect.
So, refund of ITC not available because not inverted duty structure as explained above.
Bacause Packing material like boxes, cartoons as inward Supply is not taking a substantial part of cost.
Substantial cost of saree which is material in nature is Grey fabric or cost of embroidery work on its ect.
So, refund of ITC not available because not inverted duty structure as explained above.
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