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Input tax credit

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2018 Dear Sir / Madam,
we are producing Cotton seed oil, our raw material is cotton seed HSN 1207 @ 5% and our Finished goods are 1 = Cotton seed Oil HSN 1516 @ 5 %
2 = Cotton Seed Cake HSN 2306 @ 0 %

in this case we will have accumulated Credit because of utilization, can we claim for refund or we will have to reverse due to HSN 2306 is zero rated.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 February 2018 No refund can be claimed as both input and output are same GST rate of 5%. Oil cake is only a byproduct no need of ITC reversal.
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Querist : Anonymous

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Querist : Anonymous (Querist)
20 February 2018 No refund can be claim,
or
No need reversal, Refund can be Claim.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 February 2018 No refund can be claimed.

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