Section 89(5) in The Central 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 and services) x Net ITC ÷ Adjusted Total Turnover} - tax payable on such inverted rated supply of goods and services.Explanation. - For the purposes of this sub rule, the expressions-(a)Net ITC shall mean input tax credit availed on inputs during the relevant period other than the input tax credit availed for which refund is claimed under sub-rules (4A) or (4B) or both; and](b)[ "Adjusted Total turnover" and "relevant period" shall have the same meaning as assigned to them in sub-rule (4).] [Substituted by Notification No. G.S.R. 1251(E), dated 31.12.2018 (w.e.f. 19.6.2017).]
