You mean to say in that case we have to pay IGST from our own pockets.
bond for export under rule 96A
Page no : 2
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1443 Points)
Replied 02 August 2017
Rajesh Karia
(114 Points)
Replied 02 August 2017
| Originally posted by : PRABIR PAUL | ||
 |
You mean to say in that case we have to pay IGST from our own pockets. |
 |
Suppose you are a merchant exporter:-
1) You Purchase goods worth Rs. 1,00,000/- + 18% IGST (18,000/-) = 1,18,000/-
2) Rs.18,000/- is your ITC on Purchase that you will get in monthly return
3) Export the above goods for Rs.1,10,000/- against 18% IGST (Rs..19,800/-) (show both figures in Invoice)
4) now In monthly return, you have to Pay Export IGST Rs.19,800, but you will claim No.2 ITC 18,000 & so you will be paying only diff Rs.1800/-.extraout of pocket.
5) Also, in monthly return, you will claim the full refund of Rs.19,800/- shown in Export Invoice while providing all relevant data specified by the law.
Himanshu Garg
(2 Points)
Replied 27 August 2017
You have to pay that amount of IGST for Export under reverse charge mechanism.
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