TaxTMI 
TaxTMI 
REFUND OF INPUT CREDIT FOR EXPORTERS
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....EFUND OF INPUT CREDIT FOR EXPORTERS<br> Query (Issue) Started By: - rohit patodi Dated:- 16-4-2018 Last Reply Date:- 18-4-2018 Goods and Services Tax - GST<br>Got 3 Replies<br>GST<br>what would be my adjusted turnover and net ITC in case of refund of input tax credit availed on inputs in case of exporters. For eg., an exporter has exported goods on LUT worth rs 2500000 in July period and in the sa....
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....me period he has done taxable sale within state worth rs 500000 and tax is ₹ 12500 cgst and sgst. So Total sale would be 3000000 rs. He has total input on purchases amounting to ₹ 150000 cgst and sgst. Thus input left at the end of the tax period at the end of the month is 150000-12500 i.e 137500. In this case, how can I calculate adjusted turnover and net ITC? Reply By SURYAKANT MIT....
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....HBAVKAR: The Reply: You have to calculate on following method Total export turnover X Net ITC available (after adjusting against local supply)/ Total turnover (local supply + Export) After arrive input credit please verify your credit ledger balance is equal to that amount if yes you are eligible of 90% refund. Reply By rohit patodi: The Reply: But net NET ITC as per definition given is total....
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.... availed during the relevant period. Thus I think it should not be itc left after adjusting the output liablity Reply By SURYAKANT MITHBAVKAR: The Reply: Then you are not entitled for refund since you are adjusting Export input credit against your domestic supply. After adjusting credit against domestic supply your credit ledger shown nil. Either you can adjust your credit against domestic sup....
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....ply or you can apply refund.<br> Discussion Forum - Knowledge Sharing ....