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What is Inverted Tax Structure in Post-GST (Goods and Service Tax)?

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Ishita Ramani Ishita Ramani
Answered on April 27,2022

Where the credit has been collected as a result of the rate of duty on inputs being higher than the rate of assessment on yield supplies, other than nil appraised or completely excluded supplies, with the exception of labor and product provisions, or both, as the Government may be informed on the Council’s proposals.

 

The formula for Calculating refund under Inverted Tax Structure: 

(Adjusted total turnover X Net input tax credit / Turnover of inverted rated supply of goods and services) – Tax owed on such inverted rated supply of goods and services, is the formula for calculating refund under Inverted Tax Structure.

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