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Circular No. 181 13 2022-GST F. No. CBIC-20021 4 2022 Government of . . . redit in cases where credit is accumulated on account of rate of tax of inputs being higher than the rate of tax on output upplies i e on account of inverted duty structure Sub-rule (5) of rule 89 of CGST Rules, 2017 prescribes the formula for grant of refund in cases of inverted duty
Rule 89 - Central Board of Indirect Taxes and Customs " (5) In the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula - Maximum Refund Amount = { (Turnover of inverted rated supply of goods) x Net ITC Adjusted Total Turnover} - tax payable on such inverted rated supply of goods
Rule 89(5) of the CGST ACT: A Detailed Analysis - MYGSTRefund Rule 89 (5) prescribes the formula for computing refunds of unutilized ITC based on the inverted duty structure, where the tax rate on inputs is higher than the tax rate on outputs This was done to avoid burdening taxpayers with tax credits that they cannot utilise
Understanding Order of Utilization of ITC under new rules of GST As per Sec 49B the Government may, on the recommendations of the Council, prescribe the order and manner of utilization of the ITC on account of IGST, CGST, SGST or UTGST, as the case may be, towards payment of any such tax
Order of Utilisation of Input Tax Credit Under GST - ClearTax Input Tax Credit (ITC) utilisation under GST follows a specific order mandated by the Central Goods and Services Tax (CGST) Act, 2017 The government introduced structured rules through Sections 49A, 49B, and Rule 88A to ensure systematic utilization of ITC across IGST, CGST, and SGST categories
Refund of Input Tax Credit (ITC) under GST: A Complete Guide Section 54 of the CGST Act (and corresponding SGST IGST provisions) is the primary legal basis for ITC refunds It allows a registered person to claim refund of unutilized ITC at the end of a tax period, subject to conditions
Manner of Utilization of ITC under GST - Law Legends According to section 49 (5) (b) of the CGST Act, any credit balance in the electronic credit ledger attributable to CGST must initially be used for the payment of CGST Any remaining amount, if available, can then be utilized for the payment of IGST
Central Goods and Services Tax Rules, 2017 Order of utilization of input tax credit - Input tax credit on account of integrated tax shall first be utilised towards payment of integrated tax, and the amount remaining, if any, may be utilised towards the payment of central tax and State tax or Union territory tax, as the case may be, in any order: