TaxTMI 
TaxTMI 
EXPORT REFUND UNDER GST
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....XPORT REFUND UNDER GST<br> Query (Issue) Started By: - THYAGARAJAN KALYANASUNDARAM Dated:- 13-12-2019 Last Reply Date:- 15-12-2019 Goods and Services Tax - GST<br>Got 1 Reply<br>GST<br>Dear Sir, One ....
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....of my client has ITC balance of ₹ 27,00,000/- . Export sales of ₹ 1,06,000/- and total adjusted turnover for the respective period is ₹ 33,00,000/-. For the above, i have calculated....
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.... refund of ₹ 86000/- as per the below formula ITC * Export Turnover / Total turnover Now, my doubt is, can i claim ITC of ₹ 86,000 on the Export sales of ₹ 1,06,000/- or should I r....
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....educe ITC pertaining to closing stock from this formula. Reply By Rajendra Prasad: The Reply: Dear Mr Thyagarajan, 1. Please check your question and figures . It seems that there is an error eithe....
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....r in your question or figures. 2. The refund has no link to the Closing Stock on ITC. 3. The refund amount is to be debited to the Electronic Credit Ledger. (I think it is automatic upon filing refu....
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....nd application) 4. I am giving the link to ICAI Publication on GST Refunds . https://idtc-icai.s3-ap-southeast-1.amazonaws.com/download/knowledgeShare18-19/E-publication-Refund-under-GST-31.12.18.pd....
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....f 5. The following is the link to GST refund process. http://cbic.gov.in/resources//htdocs-cbec/gst/Refund-Compendium-020719.pdf;jsessionid=69D9A4399665E705B92DF1A49870C5AE<br> Discussion Forum - Kn....
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....owledge Sharing ....