## Maximum Refund Amount Solution

STEP 0: Pre-Calculation Summary
Formula Used
Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst
MRA = (TIRS*NITC/ATT)-TGS
This formula uses 5 Variables
Variables Used
Maximum Refund Amount - Maximum Refund Amount refers to the highest amount of money that an individual or entity is eligible to receive as a refund under GST.
Turnover of Inverted Rate Supply - Turnover of Inverted Rate Supply refers to the aggregate value of supplies made by a registered taxpayer where the rate of tax on inputs is higher than the rate of tax on the output supplies.
Net Itc - Net Itc refers to the input tax credit that a registered taxpayer is eligible to claim after adjusting for any reversals or disallowances.
Tax Payable on Inverted Rate Supply of Gst - Tax Payable on Inverted Rate Supply of Gst refers to the amount of gst that a taxpayer remits to the government for transactions where tax rate inputs are higher than the tax rate on output supplies.
STEP 1: Convert Input(s) to Base Unit
Turnover of Inverted Rate Supply: 1025 --> No Conversion Required
Net Itc: 5000 --> No Conversion Required
Adjusted Total Turnover: 500 --> No Conversion Required
Tax Payable on Inverted Rate Supply of Gst: 1005 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
MRA = (TIRS*NITC/ATT)-TGS --> (1025*5000/500)-1005
Evaluating ... ...
MRA = 9245
STEP 3: Convert Result to Output's Unit
9245 --> No Conversion Required
9245 <-- Maximum Refund Amount
(Calculation completed in 00.004 seconds)
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## < 14 Tax Calculators

Taxable Income for Corporation
Taxable Income for Corporation = Gross Sales-Cost of Goods Sold-Operating Expense-ceil(Interest Expense)-Tax Deduction
Maximum Refund Amount
Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst
Total Eligible Credit
Total Eligible Credit = Total Itc-(Itc for Personal Expenses+Itc for Exempted Supplies+Non Eligible Itc)
Taxable Income for Individual
Taxable Income for Individual = Gross Total Income-ceil(Total Exemptions)-Total Deductions
GST Excluding Amount
Gst Excluding Amount = floor(Gst Including Amount)/(1+Goods and Service Tax Rate/100)
Partly Exempted
Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit
Retail Price
Retail Price = round(Price/(1+Percent),2)
Goods and Service Tax
Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate
Common Credit
Common Credit = Total Eligible Credit-Normal Input Tax Credit
Sales Tax Amount
Sales Tax Amount = Price*(Sales Tax Percentage/100)
Tax Equivalent Yield
Tax Equivalent Yield = Tax Free Yield/(1-Tax Rate)
Effective Tax Rate
Effective Tax Rate = Tax Expense/Pre Tax Income
Total Sales Tax
Total Sales Tax = Price+Sales Tax Amount
Net Price
Net Price = Cost of Product+Gst Amount

## Maximum Refund Amount Formula

Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst
MRA = (TIRS*NITC/ATT)-TGS

## What is Maximum Refund Amount ?

Maximum Refund Amount refers to the upper limit or the highest amount that a taxpayer is eligible to receive as a refund from tax authorities under specific circumstances or provisions outlined in the GST laws and regulations. Refunds are provisions under GST laws that allow taxpayers to claim back excess tax paid to the government. These excess payments may arise due to various reasons such as input tax credits (ITC) being higher than the GST liability, tax paid on exports, or tax paid on inverted rate supplies. Taxpayers must meet certain eligibility criteria and comply with procedural requirements to claim refunds under GST. The maximum refund amount may vary depending on the specific circumstances for which the refund is being claimed. Tax authorities may impose limits or restrictions on the amount of refund that can be claimed by taxpayers. These limits could be specified in terms of monetary value or as a percentage of the tax paid, and they may vary depending on the nature of the refund claim.

## How to Calculate Maximum Refund Amount?

Maximum Refund Amount calculator uses Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst to calculate the Maximum Refund Amount, Maximum Refund Amount refers to the highest sum that a taxpayer can receive as a refund from tax authorities. Maximum Refund Amount is denoted by MRA symbol.

How to calculate Maximum Refund Amount using this online calculator? To use this online calculator for Maximum Refund Amount, enter Turnover of Inverted Rate Supply (TIRS), Net Itc (NITC), Adjusted Total Turnover (ATT) & Tax Payable on Inverted Rate Supply of Gst (TGS) and hit the calculate button. Here is how the Maximum Refund Amount calculation can be explained with given input values -> 9245 = (1025*5000/500)-1005.

### FAQ

What is Maximum Refund Amount?
Maximum Refund Amount refers to the highest sum that a taxpayer can receive as a refund from tax authorities and is represented as MRA = (TIRS*NITC/ATT)-TGS or Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst. Turnover of Inverted Rate Supply refers to the aggregate value of supplies made by a registered taxpayer where the rate of tax on inputs is higher than the rate of tax on the output supplies, Net Itc refers to the input tax credit that a registered taxpayer is eligible to claim after adjusting for any reversals or disallowances, Adjusted Total Turnover refers to the total turnover of a business after certain adjustments have been made to the values & Tax Payable on Inverted Rate Supply of Gst refers to the amount of gst that a taxpayer remits to the government for transactions where tax rate inputs are higher than the tax rate on output supplies.
How to calculate Maximum Refund Amount?
Maximum Refund Amount refers to the highest sum that a taxpayer can receive as a refund from tax authorities is calculated using Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst. To calculate Maximum Refund Amount, you need Turnover of Inverted Rate Supply (TIRS), Net Itc (NITC), Adjusted Total Turnover (ATT) & Tax Payable on Inverted Rate Supply of Gst (TGS). With our tool, you need to enter the respective value for Turnover of Inverted Rate Supply, Net Itc, Adjusted Total Turnover & Tax Payable on Inverted Rate Supply of Gst and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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