inverted duty refund on cloth

[satbir singhwahi]

Sir

Is their any change in calculation of inverted duty refund on sale of cloth. Service and capital goods ITC is to be deducted as before.

AI Summary

Changes in Inverted Duty Refund Calculation for Cloth Sales under GST; Rule 89(5) Amended, Effective July 18, 2022. A query was raised regarding changes in the calculation of inverted duty refunds on the sale of cloth under the Goods and Services Tax (GST) framework. A respondent confirmed that there has been a change in the refund calculation method, specifically referencing amendments to rule 89 (5) effective from July 18, 2022, as outlined in Notification No. 14/2022-Central Tax dated July 5, 2022. The discussion emphasized that service and capital goods input tax credit (ITC) should still be deducted as before. The responses were personal opinions and not professional advice.