TaxTMI 
TaxTMI 
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ONE PERSON REGISTER UNDER GST. HIS SALE MANUFACTURE PRODUCT FALL UNDER @ 12% BUT ON INPUT GOODS RATE IS 12 AND 18%. SO IN THIS CASE HOW I CALCULATE OF AMOUNT FOR REFUND UNDER INVERTED DUTY . PLS HELP
REFUND ON INVERTED DUTY STRUCTURE
05 Feb 2019 
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Refund on inverted duty structure: method to compute refundable input tax credit under GST rules.
The Maximum Refund Amount for inverted duty structure is computed by multiplying the turnover of inverted-rated supplies by the ratio of Net ITC to Adjusted Total Turnover, and then subtracting the tax payable on those inverted-rated supplies. Net ITC excludes credits already claimed under other refund provisions. Adjusted Total Turnover is the taxable turnover in the State or UT adjusted by excluding services turnover, exempt supplies, and supplies for which separate refunds are claimed. (AI Summary)
The Maximum Refund Amount for inverted duty structure is computed by multiplying the turnover of inverted-rated supplies by the ratio of Net ITC to Adjusted Total Turnover, and then subtracting the tax payable on those inverted-rated supplies. Net ITC excludes credits already claimed under other refund provisions. Adjusted Total Turnover is the taxable turnover in the State or UT adjusted by excluding services turnover, exempt supplies, and supplies for which separate refunds are claimed. (AI Summary)