Maximum Refund Amount Calculator

✖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.ⓘ Turnover of Inverted Rate Supply [TIRS]			+10% -10%
✖Net Itc refers to the input tax credit that a registered taxpayer is eligible to claim after adjusting for any reversals or disallowances.ⓘ Net Itc [NITC]			+10% -10%
✖Adjusted Total Turnover refers to the total turnover of a business after certain adjustments have been made to the values.ⓘ Adjusted Total Turnover [ATT]			+10% -10%
✖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.ⓘ Tax Payable on Inverted Rate Supply of Gst [TGS]			+10% -10%

✖Maximum Refund Amount refers to the highest amount of money that an individual or entity is eligible to receive as a refund under GST.ⓘ Maximum Refund Amount [MRA]

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Formula

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Maximum Refund Amount

Formula

`"MRA" = ("TIRS"*"NITC"/"ATT")-"TGS"`

Example

`"9245"=("1025"*"5000"/"500")-"1005"`

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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.
Adjusted Total Turnover - 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 - 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

FINAL ANSWER

9245 <-- Maximum Refund Amount

(Calculation completed in 00.004 seconds)

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Created by Aashna

IGNOU (IGNOU), India

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Verified by Surjojoti Som

Rashtreeya Vidyalaya College of Engineering (RVCE), Bangalore

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< 14 Tax Calculators

Taxable Income for Corporation

Go Taxable Income for Corporation = Gross Sales-Cost of Goods Sold-Operating Expense-ceil(Interest Expense)-Tax Deduction

Maximum Refund Amount

Go Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst

Total Eligible Credit

Go Total Eligible Credit = Total Itc-(Itc for Personal Expenses+Itc for Exempted Supplies+Non Eligible Itc)

Taxable Income for Individual

Go Taxable Income for Individual = Gross Total Income-ceil(Total Exemptions)-Total Deductions

GST Excluding Amount

Go Gst Excluding Amount = floor(Gst Including Amount)/(1+Goods and Service Tax Rate/100)

Partly Exempted

Go Partly Exempted = (Exempted Turnover/Total Turnover)*Common Credit

Retail Price

Go Retail Price = round(Price/(1+Percent),2)

Goods and Service Tax

Go Goods and Service Tax = Taxable Amount*Goods and Service Tax Rate

Common Credit

Go Common Credit = Total Eligible Credit-Normal Input Tax Credit

Sales Tax Amount

Go Sales Tax Amount = Price*(Sales Tax Percentage/100)

Tax Equivalent Yield

Go Tax Equivalent Yield = Tax Free Yield/(1-Tax Rate)

Effective Tax Rate

Go Effective Tax Rate = Tax Expense/Pre Tax Income

Total Sales Tax

Go Total Sales Tax = Price+Sales Tax Amount

Net Price

Go 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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