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Dear Professional Colleagues, |
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Greetings of the Day !
The Central Board of Indirect Taxes &
Customs has issued Circular No. 181/13/2022-GST
dated November 10, 2022 on clarification on refund-related issues.
Clarifications
- Refund applications filed before July 05, 2022
will be dealt with as per the formula as it existed before the amendment
made vide Notification No. 14/2022-Central Tax dated July 05, 2022.
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Refund formula till
05.07.2022
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New refund formula from
05.07.2022
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Maximum Refund Amount =
{(Turnover of inverted rated supply of goods and services) x Net ITC÷
Adjusted Total Turnover} - tax payable on such inverted rated supply of goods
and services.
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Maximum Refund Amount =
{(Turnover of inverted rated supply of goods and services) x Net ITC ÷
Adjusted Total Turnover} – {tax payable on such inverted rated supply of
goods and services x (Net ITC ÷ ITC availed on inputs and input services)}
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- For the following goods falling under chapter 15
and 27 no refund of unutilised input tax credit shall be allowed. It is
clarified that the said restriction imposed would be applicable in respect
of all refund applications filed on or after July
18, 2022, and would not apply to the refund applications filed
before July 18, 2022.
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HSN
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Description
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1507
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Soya-bean oil and its
fractions, whether or not refined, but not chemically modified
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1508
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Ground-nut oil and its
fractions, whether or not refined, but not chemically modified.
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1509
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Olive oil and its fractions,
whether or not refined, but not chemically modified.
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1510
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Other oils and their fractions,
obtained solely from olives, whether or not refined, but not chemically
modified, including blends of these oils or fractions with oils or fractions
of heading 1509
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1511
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Palm oil and its fractions,
whether or not refined, but not chemically modified.
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1512
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Sunflower-seed, safflower or
cotton-seed oil and fractions thereof, whether or not refined, but not
chemically modified.
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1513
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Coconut (copra), palm kernel or
babassu oil and fractions thereof, whether or not refined, but not chemically
modified.
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1514
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Rape, colza or mustard oil and
fractions thereof, whether or not refined, but not chemically modified.
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1515
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Other fixed vegetable or
microbial fats and oils (including jojoba oil) and their fractions, whether
or not refined, but not chemically modified
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1516
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Vegetable fats and oils and
their fractions, partly or wholly hydrogenated, inter-esterified,
re[1]esterified or elaidinised, whether or not refined, but not further
prepared.
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1517
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Edible mixtures or preparations
of vegetable fats or vegetable oils or of fractions of different vegetable
fats or vegetable oils of this Chapter, other than edible fats or oils or
their fractions of heading 1516
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1518
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Vegetable fats and oils and
their fractions, boiled, oxidised, dehydrated, sulphurised, blown,
polymerised by heat in vacuum or in inert gas or otherwise chemically
modified, excluding those of heading 1516
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2701
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Coal; briquettes, ovoids and
similar solid fuels manufactured from coal
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2702
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Lignite, whether or not
agglomerated, excluding jet
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2703
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Peat (including peat litter),
whether or not agglomerated.
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Hope you find it interesting and useful to read. For any clarification/ feedback, feel free to write us at amrg@amrg.in.
Best regards,
AMRG Team
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About Us
AMRG & Associates is an established Chartered Accountants firm. It came into existence in 1984 and since then has grown its branches across major Indian cities such as Delhi, Mumbai and Chandigarh. Since its inception, it has become one of the leading chartered accountants’ firms in North India. AMRG & Associates offers its clients a wide range of exceptional services through the expertise of its highly motivated group of trained professionals. The firm provides expertise in financial and business advisory, tax and regulatory, audit and assurance and risk advisory services. AMRG & Associates has a client base of 200+ companies & individuals. The firm's approach to service delivery helps to provide value-added services to its wide clientele. Our differentiation is derived from a rapid performance based, industry-tailored and technology-enabled business advisory services delivered by talented professionals in the country.
Corporate office (Delhi, India) : AMRG Tower, 23, Paschim Vihar Extension, Main Rohtak Road, New Delhi -110063, T - 011-47322696 / 97 Branch office (Mumbai, India) : Shop no 14,Adarsh Nagar Bldg No 4,Kolbad, Thane West 400601. Branch office (Sydney, Australia) : Unit 9, 14-15 Junia Avenue, Toongabbie NSW 2146, Sydney, Australia. International Desk (USA) : Wiener & Garg LLC 6000 Executive Boulevard, Suite 520 | Rockville, MD 20852, T - 301.881.4244 | D - 240.833.4002 © -2022 AMRG & Associates All Rights Reserved. This document has been written for the general interest of our clients and professional colleagues and is subject to change. This document is not to be construed as any form of solicitation. It is not intended to be exhaustive or a substitute for legal advice. We cannot assume legal liability for any errors or omissions. Specific advice must be sought before taking any action pursuant to this document.
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