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Refund

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(Querist)
05 February 2021 If a manufacturer purchases finished goods for trading purposes...ITC can t be claimed for refund purposes!!!
For caluculation of Rule 89(5)
Please tell me the working of pirchases fo finished goods and sale of finished goods
In my case purchases on finiahed goods in 2019-20
And sale in 2020-21
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 February 2021 Claim ITC in 2019-20 it will be in credit ledger adjust it against payment in 2020-21.
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Ca Naveen

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Ca Naveen (Querist)
05 February 2021 It means no adjustment to be made on 2019-20 for calculating Refund Rule 89(5)
...whole itc can be claimed?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
05 February 2021 Yes claim full ITC and adjust it next year against GST payment.

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