whether opening ITC can be considered under Net ITC for the purpose of claiming refund, means at the time of calculating refund Rule 89 provides a formula viz;
[Net ITC X Inverted Turn over/ Adjusted Turnover] - Tax paid;
my question is if, i purchased goods in july but had no turn over in july, then this ITC will be carried forwarded to Aug., now i have turn over in Aug., so can i claim refund of this opening ITC in august if my Input tax is higher than output tax?
Dear Sir,
Presently such type of working on GST website not available. ITC for the month of July and nil turnover in month of July 2017 so in your case Opening value of ITC cannot be claim as refund at the time of filing refund claim month of August 2017.
Sir, actually in Rule 89 explanation of Net ITC given in which it is said that ITC AVAILED, now my question is AVAILED provide a sign of total ITC including EARNED during the month and opening as well. If the word 'earned' is used in place of 'availed', then it will be quite clear not to use opening ITC. Please clarify this.
CAclubindia
