TAX PRACTITIONERS ASSOCIATION INDORE STUDY MEET INVERTED DUTY

TAX PRACTITIONER’S ASSOCIATION, INDORE STUDY MEET – INVERTED DUTY STRUCTURE REFUND IN GST CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 1

Inverted Tax Structure- Meaning The term Inverted Tax Structure refers to a situation where the rate of tax on input received (i. e. Input Tax Credit received) is more than the rate of tax (i. e. the tax paid) on output supplies. Since rate of tax on outward supplies is lesser than the rate of tax on inputs, this results in accumulation of unutilized input tax credit and thus there arises a need for refund. Eg: - Tax payable on output supply is @ 5%, whereas input received are taxable say @ 12%. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 2

Section - 54, Central Goods And Services Tax Act, 2017 (3) Subject to the provisions of sub-section (10), a registered person may claim refund of any unutilized input tax credit at the end of any tax period: Provided that no refund of unutilized input tax credit shall be allowed in cases other than— (i) zero-rated supplies made without payment of tax; (ii) where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (other than nil rated or fully exempt supplies), except supplies of goods or services or both as may be notified by the Government on the recommendations of the Council: Provided further that no refund of unutilized input tax credit shall be allowed in cases where the goods exported out of India are subjected to export duty: Provided also that no refund of input tax credit shall be allowed, if the supplier of goods or services or both avails of drawback in CA. Arpit Mundra | +91 -9977117344 |, respect of central tax or claims refund of the integrated tax paid 9109830000 | camundraarpit@gmail. com 3 on such supplies.

Restrictions on refund of accumulated ITC in case Inverted Duty Structure Ø The refund of unutilized ITC on account of Inverse duty rate is not allowed where output supplies are NIL rated or wholly exempt [1 st Proviso to Section 54] Ø The refund of unutilized ITC on account of Inverse duty rate is not allowed against supplies of goods or services or both as may be notified by the Government on the recommendations of the Council Ø Notified Goods where refund under Inverted Duty Rate is not allowed [Notification No. 5/2017 -Central Tax (Rate) dated 28 -06 -2017 and Notification No. 44/2017 -Central Tax (Rate) dated 14 -11 CA. Arpit Mundra | +91 -9977117344 |, -2017] 9109830000 | camundraarpit@gmail. com 4

GIST OF IMPORTANT NOTIFICATIONS / CIRCULARS q Notification No. 05/2017 -Central Tax (Rate) dated 28 th June 2017, Notification 29/2017 - Central Tax (Rate) dated 22 nd September 2017, Notification 44/2017 - Central Tax (Rate) dated 14 th November 2017 - Supply of goods that are not eligible for refund of unutilized Input tax credit q Notification No. 15/2017 -Central Tax (Rate) and 12/2017 - Integrated Tax (Rate) dated 28 th June 2017 - Restricts refund of unutilized input tax credit with regard to this service as per Para 5(b) of Schedule II of the CGST Act, 2017 which will be considered as supply of service. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 5

q Notification No. 21/2018 -Central Tax dated 18 -4 -2018 - Change in formula for calculation of refund in case of inverted duty rate structure under Rule 89(5) and substitution of Rule 97 on Consumer Welfare Fund q Notification No. 26/2018 -Central Tax dated 13 -6 -18 Change in formula for calculation of refund in case of inverted duty rate structure under Rule 89(5) with retrospective effect; Change in Rules 95 and 97 q Notification 20/2018 - Central Tax (Rate) dated 26 -7 -18 - Waiver of restriction CA. Arpit Mundra | +91 -9977117344 |, regarding refund on fabrics under Inverted 9109830000 | Duty Rate camundraarpit@gmail. com 6

q Circular No. 18/18/2017 - GST dated 16 th November, 2017 - Clarification on refund of unutilized input tax credit on GST paid on input in respect of Export of Fabrics q Circular No. 24/24/2017 - GST dated 21 st CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 7

q Circular No. 48/22/2018 - GST dated 14 th June 2018 - Clarification on refund of Unutilized ITC to fabric Job worker- Fabric processors will be eligible for refund of unutilized ITC on account of Inverted Duty Structure q Circular no. 56/30/2018 dated 24 -08 -2018 - Clarification regarding removal of restriction of refund of accumulated ITC on fabrics q Circular no. 59/ 33/208 dated 4 -9 -18 - Change in scope of restriction under Rule 96(10); Submission of Invoices for refund claim; System validations in refund; Recredit in case of rejection; Disbursal of refund after sanction; Deficiency Memo; Treatment of small refunds below Rs. 1000/- q Circular No. 79/53/2018 - GST Dated 31 st December, 2018 - Clarifications w. r. t. to various refund related issues. [IMP. ] CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 8

Formula for calculation of refund in case if Inverted Duty Structure In case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per following formula: Maximum Refund Amount = (Turnover of inverted rated supply of goods and services X Net input tax credit / Adjusted total turnover) – Tax payable on such inverted rated supply of goods and services Earlier the formula for calculation of refund amount in case of inverted duty structure was different, however vide notification no. 21/2018 -Central Tax dated 18 th April, 2018 the word “services” has been added CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 9

Description Old Provision New Provision Adjusted Total Turnover in a State or Union Territory , as defined under section 2(112) excluding • The value of exempt supplies other than zerorated supplies Turnover in a State or Union Territory , as defined under section 2(112) excluding - The value of exempt supplies other than zero rated supplies AND - The turnover of supplies in respect of which refund is claimed under sub-rule (4 A) or (4 B) or both, If any, during the relevant period Though the amendment carried out in the aforesaid notification no. 21/2018 -CT dated 18/04/2018 has prospective effect, however, vide Notification No. 26/2018 - Central Tax dated 13/06/2018 it has clearly stipulated that the provision shall be retrospective effect from 01 st July, 2017 CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 10

Various Terms used in computation of Maximum Refund Amount Description Old Provision New Provision Net ITC availed on inputs and input services during the relevant period ITC availed on inputs during the relevant period other than input tax credit availed for which refund is claimed under sub-rule (4 A) or (4 B) or both However, earlier the ITC was available on input services also, though the amendment carried out vide notification no. 21/2018 has prospective effect, however vide Notification No, 26/2018 - Central Tax dated 13/06/2018 has clearly stipulated that provision shall have retrospective effect w. e. f. 01/07/2017 CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 11

�Turnover of inverted rated supply of goods: The value of inverted supply of goods made during the relevant period without payment of tax under bond or letter of undertaking. �Tax payable on such inverted rated supply of goods The tax amount payable on such inverted rated supply of goods under the same head i. e. IGST, CGST, SGST. �Relevant period The period for which the claim has been filed. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 12

Format of Calculation under RFD -01 A CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 13

Calculation of Refund of Unutilized ITC on account of Zero Rated Supplies The refund will be calculated based on the formula Refund Amount = (turnover of zero rated supply of goods + turnover of zero rated supply of services ) x Net ITC /Adjusted total turnover "Net ITC" for the purpose of refund on account of zero rated supply means input tax credit availed on inputs and input services during the relevant period other than the input tax credit availed for which refund is claimed under subrules (4 A) or (4 B) or both of Rule 89 of CGST CA. Arpit Mundra | +91 -9977117344 |, Rules 9109830000 | camundraarpit@gmail. com 14

"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 (4 A) or (4 B) or Zero-rated supply of services is 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 reduced by advances received for zero-rated supply of services for which the supply of services has not been completed during the relevant period both of Rule 89 of CGST Rules CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 15

No refund of ITC of input services and capital goods in case of inverted tax structure Inward Description Input Rate of Tax Eligibility condition for refund of any Inverted Duty unutilized input tax credit Structure Outward Description Rate of Tax Higher Input Service Slab of Rates Capital Goods. Slab of Rates Rate on inputs higher? Rate on ouput supplies lower? Condition satisfied Yes Output Lower NA Yes NA ITC Refund Yes Yes No* No Refund of Input Services and Capital Goods in case of Inverted Tax Structure CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 16

Important Issues While processing refund of Unutilized ITC on account of inverted tax structure, the departmental officers were denying the refund of ITC of GST paid on those inputs which are procured at EQUAL or LOWER RATE of GST THAN THE RATE OF GST ON OUTWARD SUPPLY, by not including the amount of such ITC while calculating the maximum refund amount as specified in rule 89(5) of the CGST Rules. CBIC has clarified vide Circular No. 79/53/2018 -GST dated 31 st December, 2018 CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 17

Refund of unutilized ITC in case of inverted tax structure, as provided in section 54(3) of the CGST Act, is available where ITC remains unutilized even after setting off of available ITC for the payment of output tax liability. Where there are multiple inputs attracting different rates of tax, in the formula provided in rule 89(5) of the CGST Rules, the term 'Net ITC covers the ITC availed on all inputs in the relevant period, irrespective of their rate of tax. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 18

The calculation of refund of accumulated ITC on account of inverted tax structure, in cases where several inputs are used in supplying the final product/output, can be clearly understood with help of the following example: Suppose a manufacturing process involves the use of an input A (attracting 5 per cent GST) and input B (attracting 18 per cent GST) to manufacture output Y (attracting 12 per cent GST). The refund of accumulated ITC in the situation at (i) above, will be available under section 54(3) of the CGST Act read with rule 89(5) of the CGST Rules, which prescribes the formula for the maximum refund amount permissible in such situations. Further assume that the claimant supplies the output Y having value of Rs. 3, 000/- during the relevant period for which the refund is being claimed. Therefore, the turnover of inverted rated supply of goods and services will be Rs. 3, 000/-. Since the claimant has no other outward supplies, his adjusted total turnover will also be Rs. 3, 000/-. If we assume that Input A, having value of Rs. 500/- and Input B, having value of Rs. 2, 000/-, have been purchased in the relevant period for the manufacture of Y, then Net ITC shall be equal to Rs. 385/- (Rs. 25/- and Rs. 360/- on Input A and Input B respectively). Therefore, multiplying Net ITC by the ratio of turnover of inverted rated supply of goods and services to the adjusted total turnover will give the figure of Rs. 385/-. From this, if we deduct the tax payable on such inverted rated supply of goods or services, which is Rs. 360/-, we get the maximum refund amount, as per rule 89(5) of the CGST Rules which is Rs. 25/-. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 19

�All refund applications in which the amount claimed is less than the statutory limit of Rs. 1, 000/- should be rejected and the amount recredited to the electronic credit ledger of the applicant through the issuance of FORM GST RFD-01 B. �Issues related to refund of accumulated Input Tax Credit of Compensation Cess has been clarified on account of zero- rated supplies made under Bond/Letter of Undertaking. �Input tax credit of invoices issued in say a particular period, 'availed' in subsequent month cannot be excluded from the calculation of the refund amount for the subsequent month. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 20

� NIL refund application needs to be filed. All refund applications chronologically. needs to be filed � Drawback of all taxes under GST (Central Tax, Integrated Tax, State/Union Territory Tax) should not have been availed while claiming refund of accumulated ITC under section 54(3)(ii) of the CGST Act. A declaration to this effect forms part of FORM GST RFD-01 A � Refund of Transitional Credit cannot be claimed as refund of accumulated ITC- Not pertains to duty paid under existing laws. � Merchant Exporters if supplies by fulfilling condition under notification no. 40/2017 CT(Rate), then refund under 54(3) can be CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | claimed. camundraarpit@gmail. com 21

How to claim Refund of ITC Unutilized? Pre-requisites: GSTR 1 and GSTR-3 B has to be filed for the relevant tax period for which you want to file refund application of the accumulated ITC. � Form to be filed: RFD-01 A • � Time limit to file: RFD-01 A has to be filed within 2 years from the relevant date. Relevant Date- Due date for furnishing return u/s. 39 for the period in which such claim for refund arises [As amended by vide CGST (Amendment Act, 2018 applicable w. e. f. 01/02/2019)] CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 22

Procedure for filing refund application in RFD 01 A CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 23

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 24

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 25

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 26

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 27

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 28

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 29

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 30

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 31

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 32

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 33

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 34

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 35

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 36

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 37

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 38

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 39

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 40

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 41

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 42

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 43

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 44

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 45

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 46

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 47

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 48

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 49

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 50

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 51

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 52

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 53

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 54

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 55

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 56

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 57

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 58

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 59

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 60

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 61

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 62

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 63

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 64

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 65

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 66

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 67

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 68

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 69

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 70

CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 71

Documents to be filed for processing Refund Application � ARN Receipt generated from the portal. � Copy of Form RFD 01 A downloaded from GST portal � A working note for amount of refund should also be enclosed. � Reconciliation Chart of GSTR 3 B & GSTR 1 for the respective period (along with copies of return downloaded from portal). � Copy of Electronic Credit Ledger for the respective period. � Copy of Electronic Credit Ledger having debit entry of refund amount claimed for respective period � Copy of Sale Chart ( i. e. Statement 1 A) along with copy of sale invoices for the relevant period � Copy of Purchase Chart (i. e. Statement 1 A) along with copy of purchase invoices for the relevant period CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 72

Statement 1 A CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 73

� Registration Certificate in Form REG- 06 (Ensure principal place of business and additional places are updated) � A cancelled Cheque � Self Declarations on the letter head of the assessee: Ø Declaration that goods sold for relevant period are taxable at lower rate than that of inputs Ø Declaration that amount of refund sanctioned/ granted to us would be paid back to the Government with interest in case it is found subsequently that the requirements of clause (c) of sub-section (2) of section 16 read with sub -section (2) of sections 42 of the CGST Act have not been complied with in respect of the amount refunded Ø No other refund application of any kind in manual has been presented or filed before any other state/ other center authorities Ø Declaration that no penalty or prosecution proceedings have been initiated or pending against us in any matter. � A brief note about the business activity of the assessee and reason for accumulation of refund due to inverted duty structure. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 74

Processing of Refund Claim � Form RFD 01 A needs to be uploaded online through portal only. � At present manual application needs to be submitted before the jurisdictional authority. � The acknowledgment for the complete application (RFD 02) or deficiency memo (RFD 03) as the case may be issued on the basis of documents so submitted (Presently issued manually). � Adherence to time limit- All refund claim should have to be processed within 60 days from the date of receipt of application complete in all respects CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 75

� The provisional refund order is passed in form no. RFD 04 sanctioning 90% of the refund amount claimed. � The final refund order /rejection order is sanction through RFD 06 along with RFD 05 i. e. payment advice for the amount so refunded. � Where the proper officer or the Commissioner is of the opinion that the amount of refund is liable to be withheld under the provisions of sub-section (10) or, as the case may be, sub-section (11) of section 54, he shall pass an order in Part B of Form GST RFD-07 informing him the reasons for withholding of such refund. � Rejection & Re-credit of Amount to Electronic Credit Ledger- Where any amount claimed as refund is rejected under rule 92 of CGST Rules, either fully or partly, the amount debited, to the extent of rejection shall be re-credited to the electronic credit ledger by an order in Form GST RFD-1 B under form GST PMT 03 is not available on portal. CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 76

Refund Forms CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 77

Interest on Delayed Refunds Section 56 of CGST Act This section provides that when an applicant is not paid the eligible refund within a period of 60 days from the date of receipt of application under sub-section (1) then interest not exceeding 6% as may be specified in notification, shall be payable to the applicant from the date immediately after the expiry of sixty days from the date of receipt of application till the date of refund. The Proviso to section 56 says that where any claim of refund arises from an order passed by an adjudicating authority or Appellate Authority or Appellate Tribunal or court which has attained finality and the same is not refunded within sixty days from the date of receipt of application filed consequent to such order, interest at such rate not exceeding nine per cent. as may be notified by the Government on the recommendations of the Council shall be payable in respect of such refund from the date immediately after the expiry of sixty days from the date of receipt of application till the date of refund CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 78

Determination of Tax u/s. 73 and 74 Where the result of ‘Audit by Tax Authorities’ or ‘Special Audit’ is tax short paid, not paid or erroneously refunded or input tax credit wrongly availed or utilized, the proper officer may initiate proceedings u/s 73 or 74. Provisions relating to proceedings for demand recovery are applicable when a registered dealer has paid tax incorrectly or has not paid tax at all. It is also applicable when an incorrect refund or ITC is claimed by the dealer. Broadly, demand for tax can be raised in the following two cases: v When there is no fraud or willful misstatement or suppression of facts [Section 73] v When there is fraud or willful misstatement or suppression of facts [Section 74] CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 79

�When there is No Fraud: If the assessee received an erroneous refund, the case must be adjudicated within 3 years from the date on which such refund was credited to the assessee’s account. . � When there is Fraud: If the assessee received an erroneous refund, the case must be adjudicated within 5 years from the date on which such refund was credited to the assessee’s account. �Prosecution proceedings may also be initiated in case of refund obtained fraudulently (Sec. 132) CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 80

Quantum of Penalty leviable under different circumstances is given in following table: - Situation Sec. 73 (No Fraud Sec. 74 (Fraud Cases) Before issue of SCN NIL 15% of Tax Due Within 30 days from issue of SCN NIL 25% of Tax Due Within 30 days from issue of order Any Other Case 50% of Tax Due Higher of 10% of Tax or INR 10, 000/100% of Tax Due CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 81

Please feel free to share your feedback and suggestions on my mail id- camundraarpit@gmail. com “The more I live, the more I learn. The more I learn, the more I realize, the less I know” CA. Arpit Mundra | +91 -9977117344 |, 9109830000 | camundraarpit@gmail. com 82