banner_ad

Refund of ITC

ITC / Input 368 views 11 replies
User Avatar

8 Points Posted on 18 June 2017

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

Reply Share Follow
On 18 June 2017 at 23:50 Report
Replies (11)
User Avatar

7 Points Posted on 19 June 2017
you can get Rs 16 as ITC because what we paid on inputs can adjust with output liability
Reply
On 19 June 2017 at 00:13
User Avatar

partner
29 Points Posted on 19 June 2017
and you can get the refund of 8.50
Reply
On 19 June 2017 at 00:25
User Avatar

191 Points Posted on 19 June 2017
I.T.C. can be used but no refund.
Reply
On 19 June 2017 at 01:51
User Avatar

564 Points Posted on 19 June 2017
u r talking about cloth manufacturing unit i think where yarn is at 18 and cloth at 5
2 Reply
On 19 June 2017 at 07:34
User Avatar

564 Points Posted on 19 June 2017
no refund of itc will be given in cash
2 Reply
On 19 June 2017 at 07:35
User Avatar

partner
29 Points Posted on 19 June 2017
mr naval in this case he yag get refund as per section 54(3)
Reply
On 19 June 2017 at 10:31
User Avatar

191 Points Posted on 19 June 2017
ok sir.
Reply
On 19 June 2017 at 10:45
User Avatar

Student
26 Points Posted on 19 June 2017

You can adjust 7.5 and remaining 8.5 can take as refund.

Reply
On 19 June 2017 at 15:54
User Avatar

8 Points Posted on 19 June 2017
are you sure vinay goyal
Reply
On 19 June 2017 at 16:44
User Avatar

191 Points Posted on 22 June 2017
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.
Reply
On 22 June 2017 at 01:26
User Avatar

4 Points Posted on 28 July 2017
but sir what about garment making
Reply
On 28 July 2017 at 18:39


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details