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Refund under inverted duty
Hi, we are a manufacturer of Elastic which requires raw material which are taxed at 18% and the output we produce is taxed at 5%. however, the output so produced comes under HSN 5806. can i claim the refund?
Replies (4)
Quick Summary
Yes Akshat, Refund can be claimed under the inverted duty structure since the GST rate on input is more than output.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
ACA. Sorav Gupta
(Practicing Chartered Accountant)
Hi Sorav, the said HSN 5806 is specifically excluded via notification 56/30/2018. do you know any further clarification or circular for same.
No refund allowed as same is specifically blocked.
Akshat, the notification you refer states that the refund will be allowed prospectively from the applicability of the aforesaid notification.
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