refund of unutilized ITC under GST after export under LUT

[BalKrishan Rakheja]

After exporting the goods under LUT and claimed refund for untilized ITC. As per formula refund amount comes to Rs. 50 Lacs but credit ledger balance at the end of the tax period (month in which the export took place) is ₹ 10 lacs only. Which amount I am eligible for refund of ITC, however as on today the credit ledger balance is ₹ 80 Lacs

AI Summary

Refund of Unutilized ITC for Exports Under LUT Limited to Credit Ledger Balance at Period End: 10 Lakhs A user inquired about the refund of unutilized Input Tax Credit (ITC) under the Goods and Services Tax (GST) after exporting goods under a Letter of Undertaking (LUT). The refund amount calculated was 50 lakhs, but the credit ledger balance at the end of the tax period was only 10 lakhs, raising questions about the eligible refund amount. Responses indicated that the refund should be the lower of the calculated amount or the credit ledger balance at the end of the period, which in this case is 10 lakhs. The discussion also touched on the rules for claiming refunds, including restrictions on crossing financial years and the need for accurate calculations based on provided formulas.