excess ITC of textiles
Faheem Akram (802 Points)
09 August 2017
if while return i will have excess ITC so what will be that ITC bcz there is no refund of garments
11 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 August 2017
No way.....
You can use it ITC only. This is very sad moment.
Wait we get any notification from government.
You can use it ITC only. This is very sad moment.
Wait we get any notification from government.
Revanth
(Kumar)
(258 Points)
Replied 09 August 2017
following 2 conditions must be satisfied in order to get refund sec 54(3) of CGST
1.ZERO RATED SUPPLY WITHOUT PAYMENT OF TAX
2. WHERE TAX PAID ON INPUT IS HIGHER THAN TAX PAID ON OUPUT (OTHER THAN NIL RATED & FULLY EXEMPT)
AS FOR AS GARMENT IS CONSIDER THEIR INPUT IS SUBJECT TO 5% ON TEXTILE ,& 18% ON OTHERS ..OUTPUT SUBJECT TO 5% , IF GARMENT VALUE LESS THAN RS.1000 & 12% IF IT EXCEEDS RS.1000
BASED ON ABOVE PROVISION U LL GET REFUND , IF YOU HAVE EXCESS ITC
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 August 2017
@ JAY KUMAR.....
Your above said way is only others except Textile....
You ll search the options........in google articles or any other way...
Revanth
(Kumar)
(258 Points)
Replied 09 August 2017
why not textile...there is no specific exclusion in the act ?? i dont think so.. plz let me know specific provision regarding this ....
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 August 2017
Really, I don't know why the government missing the textile business in that way. I'm in Coimbatore. Here also big textile industry in Tamilnadu and India. But, No one satisfied for the mis-complicate.
So, we are waiting for any Notification from Govt for Refund or Tax reduces.................
Revanth
(Kumar)
(258 Points)
Replied 09 August 2017
See my Argument is Simple..Govt has Given 2 conditions for claiming Refund , textile industries satisfy one of the condition i.e. Higher Input Tax And Lower Output Tax..Hence Eligible for Refund..then why should we wait for Govt Notification Regarding This.??? Possiblities Of reducing tax rate is very less..As they already reduce the Job work charge from 18 to 5%
Faheem Akram
(802 Points)
Replied 17 April 2018
under textile we manufacture of goods own place so in this case we have to file ITC 04?
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