ITC Refund of unutilized credit

Home Forums GST ITC Refund of unutilized credit

This topic contains 0 replies, has 1 voice, and was last updated by  gstkrk 2 weeks ago.

Viewing 1 post (of 1 total)
  • Author
  • #63548


    A 100% service exports company has gross billable income of 5.75 crores for FY 2018-19. It has LUT registration. Its total accumulated ITC for the year will be about 30 lakhs. It will be raising March 2019 invoices for this amount. However, since cash-flow wise, it does not need 5.75 crores as such, it may raise two invoices in march 2019 – one for say 2.50 cr. and another for 3.25 cr. Supposing by the time it files a refund application for ITC credits, only one invoice (3.25 ) has been paid (another may be paid a few months later), will it be granted full refund of ITC of 30 lakhs, or the refund will be pro-rated as 3.25:2.50?

Viewing 1 post (of 1 total)

You must be logged in to reply to this topic.