Question

Under the GST Laws, in the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per which of the following formulas?

A Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) + Net ITC Adjusted Total Turnover} + [{tax payable on such inverted rated supply of goods and services + (Net ITC ÷ ITC availed on inputs and input services)}]

B Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) + Net ITC Adjusted Total Turnover} + [{tax payable on such inverted rated supply of goods and services − (Net ITC ÷ ITC availed on inputs and input services)}]

C Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) × Net ITC Adjusted Total Turnover} + [{tax payable on such inverted rated supply of goods and services × (Net ITC ÷ ITC availed on inputs and input services)}]

D Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) × Net ITC Adjusted Total Turnover} − [{tax payable on such inverted rated supply of goods and services × (Net ITC ÷ ITC availed on inputs and input services)}]

Practice Next

Under the GST Laws, in the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per which of the following formulas?

Solution

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