hard20 pts · first answer countsgstrefunds

Refund under inverted duty structure

A manufacturer buys inputs taxed at 18% and sells finished goods taxed at 5%, so input tax credit keeps piling up. What relief does GST law offer?

A.No relief; the credit is lostB.Refund of all GST paid on capital goodsC.A refund of unutilised input tax credit on inputs under the inverted duty structure, using the prescribed formulaD.The right to charge 18% on outputs instead

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Refund under inverted duty structure

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