refund of capital goods under inverted duty

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....efund of capital goods under inverted duty<br> Query (Issue) Started By: - satbir singhwahi Dated:- 13-8-2018 Last Reply Date:- 29-8-2018 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Sir d....

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....epartment has paid refund for inverted duty structure for july 17, which includes refund on capital goods. How to rectify in books .Pls guide the procedure. Reply By satbir singhwahi: The Reply: Si....

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....r pls guide Reply By Yash Jain: The Reply: Sir, First of all inverted duty refund should be taken only against raw material/stores used in production of such goods. Refund of ITC paid on capital g....

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....oods is generally a risky play. As for books it&#39;s simple, reverse the cost of machine and book refund income to the extent of depreciation taken on ITC in FY 2017-18. - This option if ITC is capi....

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....talized Reverse the Input tax credit to the extent of refund received (Refer your ECL, the amount is reversed on date of refund application) - This must be standing in your reconciliation if you have....

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.... not passed the entry of reversal - This option if ITC is availed Regards<br> Discussion Forum - Knowledge Sharing ....