2020 (3) TMI 1309

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.... Tiwari, Advocate for the appellant. Shri Y. Singh, Authorized Representative for the respondent. ORDER The dispute in this appeal is whether the formula for calculation of refund amount under Rule 5 of Cenvat Credit Rules, 2004, has been rightly applied by the Court Below, whereby the refund claim of Rs. 70,82,462/- for the period October, 2016 to December, 2016, for admissible credit, w....

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....of goods + Export Turnover of Services) X Net Cenvat Credit. / Total turnover 4. Further, the 'Export Turnover' has been defined under Clause D, and 'Turnover' is described in Clause (E) as follows: (D) Export Turnover of Services means the value of the export service calculated in the following manner, namely:- "Export Turnover of services = payments received during the relev....

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....filed. 5. The ground for rejecting the aforesaid amount in the Order-in-Original, is that the appellant had exported services amounting to Rs. 6,40,71,967/-, out of which amount of only Rs. 4,77,78,433/- was received in convertible foreign exchange during the quarter October, 2016 to December, 2016 and the balance in the next quarter. Accordingly, the ld. Adjudicating Authority has considered R....

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....ctual figure). Thus, the refundable amount shall be Rs. 6,40,71,967x 70,80,518/6,40,71,967 = Refund amount Rs. 70,80,518/-. 9. Considering the order of the Court Below, I find that it has misconceived the formula by taking billing amount of export of services as the amount of total turnover or gross turnover for calculation of refund. Evidently, the formula given is for calculation of proportio....