Inverted duty refund: formula and definitions set for maximum refundable input tax credit under amended SGST rules. Rule 89(5) is replaced to prescribe a formula for refunds on account of an inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supply x Net ITC / Adjusted Total Turnover) minus tax payable on such inverted-rated supply. 'Net ITC' means input tax credit availed on inputs during the relevant period excluding ITC for which refund is claimed under specified sub-rules, and 'Adjusted Total Turnover' retains its previously assigned meaning.
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Provisions expressly mentioned in the judgment/order text.
Inverted duty refund: formula and definitions set for maximum refundable input tax credit under amended SGST rules.
Rule 89(5) is replaced to prescribe a formula for refunds on account of an inverted duty structure: Maximum Refund Amount = (Turnover of inverted-rated supply x Net ITC / Adjusted Total Turnover) minus tax payable on such inverted-rated supply. "Net ITC" means input tax credit availed on inputs during the relevant period excluding ITC for which refund is claimed under specified sub-rules, and "Adjusted Total Turnover" retains its previously assigned meaning.
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