TaxTMI 
TaxTMI 
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.
inverted duty refund on cloth
04 Aug 2022 
2 Replies 
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Inverted duty refund calculation changed; ITC for services and capital goods remains deductible after rule amendment.
Change in calculation of inverted duty refund for supplies of cloth: the refund computation methodology has been amended and the requirement to deduct input tax credit attributable to services and capital goods from the refund entitlement continues to apply; consult the referenced amendment for the revised formula. (AI Summary)
Change in calculation of inverted duty refund for supplies of cloth: the refund computation methodology has been amended and the requirement to deduct input tax credit attributable to services and capital goods from the refund entitlement continues to apply; consult the referenced amendment for the revised formula. (AI Summary)