Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 28 April 2018
As per "IInverted Tax Structure" where the inward supply rate is greater then outward supply rate , is liable for refund , BUT with few restrictions
Vide Central Tax (Rate) Notification 5/2017 dt. 28.06.2017 the Central Government has notified that no refund of unutilised input tax credit shall be allowed in case of output supply of the following goods:
Sl.NoTariff item, heading, sub-heading or ChapterDescripttion of goods1 5007 Woven fabrics of silk or of silk waste2 5111 to 5113 Woven fabrics of wool or of animal hair3 5208 to 5212 Woven fabrics of cotton4 5309 to 5311 Woven fabrics of other vegetable textile fibres, paper yarn5 5407, 5408 Woven fabrics of manmade textile materials6 5512 to 5516 Woven fabrics of manmade staple fibres7 60 Knitted or crocheted fabrics
If u not fall under above as per notification then u can avail ITC .