https://www.taxtmi.com/forum/issue?id=112775 Inputs taxed at higher GST rates than the final product create an inverted duty structure, permitting refund of accumulated input tax credit under the CGST refund mechanism. The refundable amount is calculated by a formula linking turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover, less tax payable on such supplies. "Net ITC" means input tax credit availed on inputs and input services during the relevant period; "Adjusted Total Turnover" excludes exempt supplies other than zero-rated supplies for the relevant period. en-us Wed, 06 Sep 2017 16:52:33 +0530 Thu, 23 Jan 2025 15:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=112775 Inputs taxed at higher GST rates than the final product create an inverted duty structure, permitting refund of accumulated input tax credit under the CGST refund mechanism. The refundable amount is calculated by a formula linking turnover of inverted-rated supplies, Net ITC and Adjusted Total Turnover, less tax payable on such supplies. "Net ITC" means input tax credit availed on inputs and input services during the relevant period; "Adjusted Total Turnover" excludes exempt supplies other than zero-rated supplies for the relevant period. Discussion-Forum GST Wed, 06 Sep 2017 16:52:33 +0530 https://www.taxtmi.com/forum/issue?id=112775