Can anyone help me with the section 42 of cgst act calculation mentioned here https://www.indiafilings.com/learn/rules-42-43-cgst-rules/
We buy raw seed cotton from farmers and pay RCM of 5 %
We extract cotton lint(fibre) and sell to spinning mills at 5%
We also extract oil from seed and sllsto refinery at 5%
The remaining from oilseed is cottonseed oil cake which is exempted.
In this process, our ITC gets accumulated and much amount is accumulated in credit ledger.
Is this section useful for us to claim refund of tax
CAclubindia
