Net ITC for Refund of accumulated ITC, Goods and Services Tax - GST

[Narendra Soni]

Dear experts,

Kindly suggest whether ITC of Trans-1 (filed in July 17) will also be added for calculating Net ITC required in formula of Refund of accumulated ITC of export under LUT. We will revise the Trans-1 in December also,

Further, whether Advances received and debit notes will also be added for calculating Total Turnover of the relevant tax period.

Posts / Replies

[Ramaswamy S]

TRAN-1 can be revised only once.

since you had already filed Tran-1, the cenvat balance as of 30.06.2017 is already transferred. If the balance is still available for utilisation, then it can be utilised for payment of IGST on exports

[CS SANJAY MALHOTRA]

NET ITC is for relevant period for which the refund claim is filed.

The same does not include TRANS-1 credit as per the existing provisions. The matter has been taken up, but none seems to be positive in this.