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Refund of input tax credit in respect of zero rated supply
I'm exporting goods to Nepal and having Domestic supply as well . But my Domestic turnover is more than export turnover . I am utilising input credit in respect of export for the payment of output tax liability arising in respect of Domestic turnover . Am I eligible to utilise input credit of export for the payment of output tax liability of domestic supply
Replies (2)
Itc fully available in case of zero rated supply
100% you have to utlise and subsequntly setoff against your Domestic liabilty.
and one more thing, if ur domestic turnover is less , export turnover is more, automatically your ITC will accumulate, then you may apply for refurnd also on your zero rated Exports supply.
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