suppose i make purchases of Rs 100 of different raw materials having different gst rates say 12% and 18% now the raw material cost me 116 including Rs 16 as gst
i add labour and other expenses and profit to it and make the final product priced at Rs 150 and the rate of gst on this product is 5%.
I WANT TO KNOW how much will i ITC GET in refund
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Refund of ITC
Replies (11)
you can get Rs 16 as ITC because what we paid on inputs can adjust with output liability
and you can get the refund of 8.50
I.T.C. can be used but no refund.
u r talking about cloth manufacturing unit i think where yarn is at 18 and cloth at 5
no refund of itc will be given in cash
mr naval in this case he yag get refund as per section 54(3)
ok sir.
You can adjust 7.5 and remaining 8.5 can take as refund.
are you sure vinay goyal
I am agreed with Mr. Gagan singla that if you are engaged in cloth manufacturing then you can not get refund of I.T.C. accumulation because of its specific provision made by G.S.T.Council on 03/06/2017.
but sir what about garment making
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