My client providing water transport service of goods, mostly exempted service, so he wants to refund of accumulated itc...is it possible. pl.guide me.
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Quick Summary
This discussion addresses whether a client providing water transport services, primarily exempt supplies, can claim a refund for accumulated Input Tax Credit (ITC). The consensus is that ITC used for generating exempt sales is generally not eligible for refund under GST regulations. Refunds are typically permitted only in specific circumstances like inverted duty structures or excess tax paid, not for exempt outward supplies.
If it's outward supply is exempted supply any itc pertaining credit ledger which is accumulated it's not permit for refund following circumstances permitted for refund 1 inverted structure duty 2 excess tax paid in cash ledger 3 zero realed 4 wrongly paid