Section 89(5) in Kerala Goods and Services Tax Rules, 2017
(5)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 Amount = {(Turnover of inverted rated supply of goods) X Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goodsExplanation. - For the purposes of this sub rule, the expressions "Net ITC" and "Adjusted Total turnover" shall have the same meanings as assigned to them in sub-rule (4).
