Net ITC for Refund of accumulated ITC

[Narendra Soni]

Dear experts,

Kindly suggest whether ITC of Trans-1 (filed in July 17) will also be added for calculating Net ITC required in formula of Refund of accumulated ITC of export under LUT. We will revise the Trans-1 in December also,

Further, whether Advances received and debit notes will also be added for calculating Total Turnover of the relevant tax period.

AI Summary

Net ITC for refund excludes TRANS 1 credit; available cenvat balance may be utilised for IGST on exports.
Net ITC for refund of accumulated ITC is determined for the relevant tax period and does not include TRANS 1 credit under existing provisions. TRANS 1 can be revised only once; where TRANS 1 was filed and the cenvat balance as of the cut off date transferred, any remaining unutilised cenvat balance may be used to pay IGST on exports. Total Turnover for the refund period should follow period specific rules, with TRANS 1 credits ordinarily excluded.