https://www.taxtmi.com/forum/issue?id=118623 The dispute examines whether turnover and input tax credit from trading activities must be included in the refund computation under the inverted duty structure formula. The formula bases maximum refund on turnover of inverted rated supplies, Net ITC and Adjusted Total Turnover, and the key inquiry is whether trading transactions causing genuine ITC accumulation (for example where input rates exceed output rates) qualify to be included, while trading with identical input and output rates would not meet the inverted duty criterion. en-us Thu, 06 Jul 2023 14:27:19 +0530 Thu, 23 Jan 2025 15:54:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118623 The dispute examines whether turnover and input tax credit from trading activities must be included in the refund computation under the inverted duty structure formula. The formula bases maximum refund on turnover of inverted rated supplies, Net ITC and Adjusted Total Turnover, and the key inquiry is whether trading transactions causing genuine ITC accumulation (for example where input rates exceed output rates) qualify to be included, while trading with identical input and output rates would not meet the inverted duty criterion. Discussion-Forum GST Thu, 06 Jul 2023 14:27:19 +0530 https://www.taxtmi.com/forum/issue?id=118623