Turnover of zero-rated supply of goods definition

Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking;
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Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both;
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Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking or 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, whichever is less, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both;
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Examples of Turnover of zero-rated supply of goods in a sentence

  • Rule 89(4) provides for the formula for calculation of refund of unutilised ITC on account of zero-rated supplies which is reproduced as under: Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero rated supply of services) x Net ITC ÷Adjusted Total Turnover Export of electricity being zero-rated supply, refund of unutilised ITC on account of export of electricity would also be calculated using the same formula.

  • Turnover of zero-rated supply of goods" means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking or 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, whichever is less, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both;‟.

  • Definition of turnover of zero-rated supplies of goods amended [Rule 89(4)(C)] [Notification No.16/2020 CT dated 23.03.2020] = H U R5 D W H G9 D O X H R IVX S W L P H VW K HYD O X H R Lower of the two shall be taken: supplier The formula is as follows: Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) Net ITC Adjusted Total Turnover.

  • Turnover of zero-rated supply of goods" means the value of zero- rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking or 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, whichever is less, other than the turnover of supplies in respect of which refund is claimed under sub-rules (4A) or (4B) or both;‟.

  • Processing of refund claim by proper officer 4.1 Rule 89(4) provides for the formula for calculation of refund of unutilised ITC on account of zero-rated supplies which is reproduced as under: Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero rated supply of services) x Net ITC ÷Adjusted Total Turnover Export of electricity being zero-rated supply, refund of unutilised ITC on account of export of electricity would also be calculated using the same formula.

  • Credit ledger will be debited by claimed amount.89(4)Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero-rated supply of services) x Net ITC ÷ Adjusted TSal Turnover 89(4A)In Case supplier has received benefit of Govt.

  • Refund Amount = (Turnover of zero-rated supply of goods +Turnover of zero rated supply of services)÷Adjusted Total Turnover x Net ITC PROVISIONS PRIOR TO 23-03-2020.

  • The proper officer will Processing of refund claim as; Refund Amount = (Turnover of zero-rated supply of goods + Turnover of zero rated supply of services) x Net ITC ÷Adjusted Total TurnoverFor further details please visit:https://taxinformation.cbic.gov.in/view-pdf/1003107/ENG/Circulars 4.


More Definitions of Turnover of zero-rated supply of goods

Turnover of zero-rated supply of goods means the value of zero‐rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking;
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Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant
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Turnover of zero-rated supply of goods means the value of zero-rated supply of goods made during the relevant period without payment of tax under bond or letter of undertaking or 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, whichever is less, other than the turnover of supplies in respect of which refund is claimed underAdjusted Total Turnover” means Local Turnover + *Zero rated Turnover - Supplies for whichrefund is claimed under Rule 89(4A) and/or Rule 89(4B).* Zero Rated TO = TO of ZR supply of goods (as below) + TO of ZR supply of servicesHere, Turnover of zero-rated supply of goods = ₹6,00,000 (or) ₹5,00,000 X 1.5 = ₹7,50,000, whichever is lower i.e. ₹ 6,00,000and Adjusted Total Turnover = ₹28,00,000 (as computed in point 1 above)Thus, maximum refund amount under rule 89(4) = ₹5,32,000 x ₹6,00,000/ ₹28,00,000 =₹1,14,000. Nature of Various Intra-State supplies during April, 2021Value of Supply(Excluding GST)Outward Supply of Fabrics (Tax rate of CGST and SGST @ 2.5% each) Jai and Co, a registered supplier under GST, engaged in weaving yarn into fabrics has provided the following information:The concern has not provided any other supply other than the outward supply referred above.ITC in respect of all types of inward supply as given above was claimed in the relevant GSTR 3B as well as reflected in GSTR 2B.Other applicable conditions for claiming the refund are duly complied with.You are required to compute the ‘Maximum refund amount’ eligible under rule 89(5) of CGST Rules,2017 for inverted duty structure.Also provide working notes for your calculation.Note: No refund claimed under rule 89(3) or rule 89(4) of the CGST Rules, 2017.[ICAI Dec 21 – 5M]Solved Work Book – 10th Edition - Question No. 10 (Pg. No. 374)As per Rule 89(5) of CGST Rules, 2017 in the case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula:-Maximum Refund =𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑜𝑓 𝑖𝑛𝑣𝑒𝑟𝑡𝑒𝑑 𝑟𝑎𝑡𝑒 𝑠𝑢𝑝𝑝𝑙𝑦 𝑜𝑓 𝑔𝑜𝑜𝑑𝑠 𝑜𝑟 𝑠𝑒𝑟𝑣𝑖𝑐𝑒𝑠{(𝑁𝑒𝑡 𝐼𝑇𝐶 𝑋 − (𝑁𝑒𝑡 𝐼𝑇𝐶 𝑋)𝑎𝑑𝑗𝑢𝑠𝑡𝑒𝑑 𝑡𝑜𝑡𝑎𝑙 𝑡𝑢𝑟𝑛𝑜𝑣𝑒𝑟𝑇𝑎𝑥 𝑝𝑎𝑦𝑎𝑏𝑙𝑒 𝑜𝑛 𝑠𝑢𝑐ℎ 𝑖𝑛𝑣𝑒𝑟𝑡𝑒𝑑 𝑟𝑎𝑡𝑒 𝑠𝑢𝑝𝑝𝑙𝑦 𝑜𝑓 𝑔𝑜𝑜𝑑𝑠 𝑜𝑟 𝑠𝑒𝑟𝑣𝑖𝑐𝑒𝑠𝐼𝑇𝐶 𝑎𝑣𝑎𝑖𝑙𝑒𝑑 𝑜𝑛 𝑖𝑛𝑝𝑢𝑡𝑠 𝑎𝑛𝑑 𝑖𝑛𝑝𝑢𝑡 𝑠𝑒𝑟𝑣𝑖𝑐𝑒𝑠 )}Explanation: - For the purposes of this sub-rule, the expressions–
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Related to Turnover of zero-rated supply of goods

  • Tobacco product manufacturer means an entity that after the date of enactment of this Act directly (and not exclusively through any affiliate):

  • Tobacco products means cigars, cigarettes, cheroots, stogies, periques, granulated, plug cut, crimp cut, ready rubbed, and other smoking tobacco, snuff, snuff flour, moist snuff, cavendish, ping and twist tobacco, fine-cut and other chewing tobaccos, shorts, refuse scraps, clippings, cuttings and sweepings of tobacco, and other kinds and forms of tobacco, prepared in such manner as to be suitable for chewing or smoking in a pipe or otherwise, or both for chewing and smoking.

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