We are purchasing raw materials for Rs. 80,00,000 out of which Rs. 50,00,000 were bought at the tax rate of 5% and rest Rs. 30,00,000 for 18% GST.
Purchase of Raw Material
Amount = Rs. 30,00,000 Amount = Rs. 50,00,000
CGST @ 9% = Rs. 2,70,000 CGST @ 2.5% = Rs. 1,25,000
SGST @ 9% = Rs. 2,70,000 SGST @ 2.5 % = Rs. 1,25,000
Total = Rs. 35,40,000 Total = Rs. 55,00,000
Now, we process the goods and convert them into finished goods which is under the category of 5% GST.
Export of goods :- Rs. 1,00,00,000
IGST @ 5% :- Rs.5,00,000
Total :- Rs. 1.05,00,000
The IGST paid at the time of export is being refunded by the Custom .
Details of the Tax Credit
Total Tax Paid on account of purchases = Rs. 7,90,000
Refund received by custom = Rs.(5,00,000)
Balance Amount = Rs. 2,90,000
Now, the question is that , from whom the exporter will be getting the excess amount of tax.
And , how the exporter can get the same and from which department either CUSTOM or GST Department.
CAclubindia
