https://www.taxtmi.com/article/detailed?id=9950 Refund computation under Rule 89(5) for inverted duty structure should not exclude input tax credit attributable to trading sales from Net ITC without also excluding the corresponding trading turnover from the "turnover of inverted rated supplies" and "adjusted total turnover." Circular guidance states Net ITC covers ITC on all inputs irrespective of rates, and treating inputs as trading purely by matching HSN codes risks distorting the prescribed proportional refund formula and producing disproportionate reductions. en-us Fri, 13 Aug 2021 15:29:19 +0530 Fri, 13 Aug 2021 15:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9950 Refund computation under Rule 89(5) for inverted duty structure should not exclude input tax credit attributable to trading sales from Net ITC without also excluding the corresponding trading turnover from the "turnover of inverted rated supplies" and "adjusted total turnover." Circular guidance states Net ITC covers ITC on all inputs irrespective of rates, and treating inputs as trading purely by matching HSN codes risks distorting the prescribed proportional refund formula and producing disproportionate reductions. Articles Goods and Services Tax - GST Fri, 13 Aug 2021 15:29:19 +0530 https://www.taxtmi.com/article/detailed?id=9950