what would be my adjusted turnover and net ITC in case of refund of input tax credit availed on inputs in case of exporters. For eg., an exporter has exported goods on LUT worth rs 2500000 in July period and in the same period he has done taxable sale within state worth rs 500000 and tax is ₹ 12500 cgst and sgst. So Total sale would be 3000000 rs. He has total input on purchases amounting to ₹ 150000 cgst and sgst. Thus input left at the end of the tax period at the end of the month is 150000-12500 i.e 137500.
In this case, how can I calculate adjusted turnover and net ITC?
Exporter Queries Method for Calculating Adjusted Turnover and Net ITC for Refunds Under LUT; Advisor Clarifies Formula Use An exporter inquired about calculating adjusted turnover and net Input Tax Credit (ITC) for a refund when exporting goods under a Letter of Undertaking (LUT). The scenario involved exports worth 2,500,000 and domestic sales worth 500,000, with a total input on purchases of 150,000. An advisor suggested using a formula involving total export turnover and net ITC after local supply adjustments. However, the exporter questioned this approach, noting that net ITC should be the total availed during the relevant period. The advisor clarified that a refund is not possible if export input credit is adjusted against domestic supply, as this results in a zero credit ledger balance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
