period selection in RFD01
period selection in RFD01:
In terms of notification no 20/2018- Central tax (Rate) dated 26/07/2018, the refund on account of accumulated ITC due to inverted duty structure has been allowed in case of fabrics(From August 2018 and onwards).
However the ITC accumulated upto 31/07/2018 shall lapse in terms of the said notification except the ITC on services, capital goods and Stock as on 31.7.2018.
While filing Refund application on account of ITC accumulated due to inverted duty structure, some doubts are as under regarding period :
- RFD01 will be filed for the period F.Y. 2017-18 (From July-March 2018), in that mentioning details of invoices of inward supplies received in statement 1A(i.e. ITC in respect of capital goods, services and stock till 31.3.2018 on which ITC has not been lapsed) and then also File RFD 01 for period F.Y.2018-19 in same manner (for the period April to July 2018).
Further again file RFD01 for August 2018 & onwards
- or RFD01 will be filed from period August 2018 month & onwards (F.Y.2018-19) and filling the details in statement 01A regarding inward and outward supplies for the August month only and Details of ITC till 31.7.2018 that has not been lapsed, will be uploaded in supporting documents along with detailed calculation.
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