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of <h1>Guidelines for Calculating Refunds Under Inverted Duty Structure: Focus on Inputs, Excluding Services and Capital Goods, per CGST Rules 2017.</h1> The document provides guidelines for determining refund amounts under the inverted duty structure as per the CGST Rules, 2017. Refunds are calculated using a specific formula involving turnover, net input tax credit (ITC), and adjusted total turnover. The document clarifies that transitional credits from previous tax laws are not included in 'Net ITC' for refunds. It emphasizes that refunds are available only for ITC on inputs, not on services or capital goods. The document also addresses issues related to ITC availed in different tax periods and the definition of 'inputs,' specifying that ITC is available for business-related inputs unless restricted by law.
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