Menu
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)
Quick Summary
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.
Recent Topics :
- INCLUDING PROFITS FROM REIT / INVIT IN SHARE TRADI
- Tempsens Instruments IPO GMP Allotment Listing dat
- Upload Type - Correction. Not showing in TDS filli
- Partnership tax audit query
- ERROR SHOWING PARTNER REMUNERATION ITR 3 TIME OF V
- Form 146 foreign remittance us citizen
- GST 16(2) notice
- Which GSTR-1 upload error do you hit most often?
- Need advice regarding accounting fees
- Is it possible to get a refund for an accidental o
Related Topics :
CAclubindia
