My input credit @ 5% = Rs. 100 = Tax Rs. 5, @ 12% = Rs. 30 = Tax Rs. 3.60, @ 18% = Rs 15 = Tax Rs. 2.70 @ 28% = Rs 10 = Tax Rs. 2.80
Input Service @ 18% = Rs. 40 = Tax Rs. 7.20. Thus my ITC is Rs. 21.30.
My Sale = Rs. 200 @ 5% = Tax Rs. 10. Export (Under LUT) Rs. 50.
How do I calculate my refund under Inverted Tax Structure?
THANKS YOU SIR FOR YOUR VALUABLE REPLY BUT I NEED THIS CALCULATION IN TABULAR FORMAT
You can use the zero-rated supplies formula and take the GST refund
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
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Naveen Fintech Pvt Ltd
Kolkata
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