Answer

1. F

   Facts

   Exports under LUT allow a refund of unused ITC under Sec 54(3) and Rule 89, filed in RFD-01. The refund amount follows the Rule 89(4) formula.

2. P

   Provisions and law

   • Sec 54(3), CGST Act 2017Refund of unused ITC on zero-rated supplies
   • Rule 89(4), CGST Rules 2017Refund = zero-rated turnover × net ITC ÷ adjusted total turnover
3. A

   Analysis

   If your zero-rated turnover is ₹40 lakh, total turnover ₹50 lakh and net ITC ₹4 lakh for the period, the refund is ₹3,20,000. Services exporters need the foreign exchange proof. The claim goes in RFD-01 with a statement of invoices.

4. C

   Conclusion

   1. 1Reconcile ITC with GSTR-2B for the refund period.
   2. 2Compute refund using the Rule 89(4) formula.
   3. 3File RFD-01 with the invoice statement and FIRC.
   4. 4Track the acknowledgement and any deficiency memo.

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