GST Refund Calculation for Zero Rated Supply Video 7 | Rule 89 | Section 54 @TECHGROWHUB

GST Refund Calculation for Zero Rated Supply Video 7 | Rule 89 | Section 54 @TECHGROWHUB

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Methodology for calculating refunds on zero-rated supplies

In the case of zero-rated supply of Goods or Services or both Only Proportionate Refund of Inputs and Input Services (ITC on Capital Goods is not eligible to Refund in case of Zero Rated Supply) shall be granted as per the following formula

Refund Amount =

Net ITC x (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services)

Adjusted Total Turnover

Net ITC – means input tax credit availed oninputs and input services during the relevant period But Excludes ITC availed for which refund is claimed under sub-rules (4A) or (4B) or both;

Turnover of zero-rated supply of goods means lower of the two

The value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking
The value which is 1.5 times the value of like goods domestically supplied by the same or, similarly placed, supplier, as declared by the supplier
(Turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both shall not be considered)



Turnover of zero-rated supply of services

The aggregate of the payments received during the relevant period for zero-rated supply of services AND

Zero-rated supply of services where supply has been completed for which payment had been received in advance in any period prior to the relevant period LESS

Advances received for zero-rated supply of services for which the supply of services has not been completed during the relevant period;

Adjusted Total Turnover means the sum total of the value of-

The turnover in a State or a Union territory, as defined under clause (112) of section 2, excluding the turnover of services; and

The turnover of zero-rated supply of services determined in terms of clause (D) above and non-zero-rated supply of services,

excluding-

(i) the value of exempt supplies other than zero-rated supplies; and

(ii) the turnover of supplies in respect of which refund is claimed under sub-rule (4A) or sub-rule (4B) or both, if any, during the relevant period.]

Relevant period means the period for which the claim has been filed.

Note – The value of goods exported from India will be determined by either the Free on Board (FOB) value mentioned in the Shipping Bill or the value stated in the tax invoice, whichever is lower


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