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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

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2 Replies

Kishor Lulla (979 Points)
Replied 02 July 2019

u work on ur own

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Pankaj Rawat (GST Practitioner) (55047 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