refund - inverted duty structure
akel kavade (19 Points)
01 July 2019
How to calculate refund for inverted duty structure, any excel sheet for such calculation
2 Replies
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 02 July 2019
As per rule 89(5) of CGST rules refund is calculated as per following formula:
Maximum Refund={(Turnover of inverted rated supply of goods) X Net ITC ÷ Adjusted Turnover} - Tax Payable on such Inverted Rated supply
Let's take an example:
AV. TAX
1. Raw Material (Inward Supply) 100. 12
2. Fabric (Outward supply ). 150. 7.5
M.R = (150*12)/150)-7.5 = 4.5
Maximum Refund={(Turnover of inverted rated supply of goods) X Net ITC ÷ Adjusted Turnover} - Tax Payable on such Inverted Rated supply
Let's take an example:
AV. TAX
1. Raw Material (Inward Supply) 100. 12
2. Fabric (Outward supply ). 150. 7.5
M.R = (150*12)/150)-7.5 = 4.5
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