Kindly suggest, whether sale value of below mentioned items will be included in' Adjusted Total turnover' for claiming refund of ITC accumulated on export of goods/services under Bond/LUT, in its formula:-
1.Sale of MEIS (Duty credit scrip issued by DGFT as incentive on export) on which GST rate is 0% (NIL rated)
2.Sale of Waste & Scrap of fire woods on which GST rate is 0% (NIL rated).
Kindly suggest at the earliest.
Sale of MEIS Scrips and Firewood Scrap Exempt from Adjusted Total Turnover in ITC Refund Calculation Under GST A discussion in a forum addressed whether the sale value of certain items should be included in the 'Adjusted Total Turnover' for claiming a refund of Input Tax Credit (ITC) under the Goods and Services Tax (GST) framework. The items in question were the sale of MEIS (duty credit scrip) and waste & scrap of firewoods, both with a GST rate of 0% (NIL rated). It was concluded that these are exempt supplies and should not be included in the adjusted total turnover for refund calculation. Additionally, there was a query about whether reversing proportionate ITC on exempt supplies is necessary, to which the response was negative. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
