Dealer is in business of trading of Gaur Meal product, this item was taxable @ 5% GST before 15 Nov 2017 in GST. After 15 Nov 2017 vide notification Gaur Meal is at 0% GST. Dealer purchased gaur meal prior to 15 Nov 2017 and exported the same out of India in Dec 2017 without payment of IGST. Can he claim refund of ITC accumulated due to purchase of gaur meal before 15 Nov 2017 under the option of Sec 54 of zero rated supplies made without payment of tax?
Awaiting valuable responses. Thank you.
Dealer Seeks Refund of Input Tax Credit for Pre-Exemption Purchases of Gaur Meal, Exports Zero-Rated Under Rule 89 A dealer involved in trading Gaur Meal, which was subject to 5% GST before November 15, 2017, and became exempt thereafter, seeks advice on claiming a refund of Input Tax Credit (ITC) for purchases made before the tax exemption. The dealer exported the product in December 2017 without paying IGST. Responses suggest that the dealer can claim a refund for ITC accumulated during the specified period by applying the formula in Rule 89, as the exports were zero-rated supplies made without tax payment. (AI Summary)
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