Section 89(5) in Punjab 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" shall have the same meaning as assigned to it in sub-rule (4).]
