- The 50th meeting of the GST Council was held on July 11, 2023, in New Delhi, where various recommendations were made regarding changes in GST tax rates, facilitation of trade, and streamlining compliances in GST. One such recommendation was related to the circular to be issued on calculating “Adjusted Total Turnover” as per the explanation inserted in Rule 89(4) of CGST Rules, 2017.
- The press release stated that the value of export goods would be included while calculating “Adjusted Total Turnover” as per the said explanation.
- The formula for determining the amount of eligible refund of accumulated ITC for exports made without payment of tax is prescribed in Rule 89(4) of the CGST Rules, 2017.
- The issue at hand is the discrepancy between the invoice value and value in the shipping bill/bill of export and which one should be adopted as export value for the purpose of refund. Circular no. 37/11/2018-GST dated March 15, 2018, clarified that the lower of the two values should be considered in the numerator for calculating the refund.
Source Taxguru
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