New Enroll in RBI Grade B New Batch - Starts on May 21

    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)}] Correct Answer Incorrect Answer
    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)}] Correct Answer Incorrect Answer
    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)}] Correct Answer Incorrect Answer
    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)}] Correct Answer Incorrect Answer

    Solution

    The correct answer is D

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