I'm contractor who buys some components to make a product and then I sell it.
means I'm doing business of solar street light. I buy components on higher rates and then I make a product and sell it on lower rate. problem is here that.. I buys goods from interstate and then also sell it in intrastate and Interstate.
With the definition of 54(3) sub clause 2 ..it is mentioned that no such refund can be claimed on IGST and CGST.
How I will take refund on this.
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Regarding inverted refund
Replies (1)
You can claim a refund for an inverted duty structure if your input tax rate exceeds your output tax rate, provided your product is not specifically excluded by government notification. You must use the formula provided in Rule 89(5) and submit Form GST RFD-01 via the GST portal, ensuring all your GSTR-1 and GSTR-3B returns are up to date.
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