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Maximum Refund Amount Formula

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Maximum Refund Amount refers to the highest amount of money that an individual or entity is eligible to receive as a refund under GST. Check FAQs

MRA = (TIRS \cdot \frac{Net ITC}{ATT}) - TGS

MRA - Maximum Refund Amount?TIRS - Turnover of Inverted Rate Supply?Net_ITC - Net Itc?ATT - Adjusted Total Turnover?TGS - Tax Payable on Inverted Rate Supply of Gst?

Maximum Refund Amount Example

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Here is how the Maximum Refund Amount equation looks like with Values.

Here is how the Maximum Refund Amount equation looks like with Units.

Here is how the Maximum Refund Amount equation looks like.

9245 = (1025 \cdot \frac{5000}{500}) - 1005

9245 = (1025 \cdot \frac{5000}{500}) - 1005

9245 = (1025 \cdot \frac{5000}{500}) - 1005

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Maximum Refund Amount Solution

Follow our step by step solution on how to calculate Maximum Refund Amount?

FIRST Step Consider the formula

MRA = (TIRS \cdot \frac{Net ITC}{ATT}) - TGS

Next Step Substitute values of Variables

∴

MRA = (1025 \cdot \frac{5000}{500}) - 1005

Next Step Prepare to Evaluate

∴

MRA = (1025 \cdot \frac{5000}{500}) - 1005

LAST Step Evaluate

∴

MRA = 9245

Maximum Refund Amount Formula Elements

Variables

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.

Symbol: MRA

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Maximum Refund Amount

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.

Symbol: TIRS

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Turnover of Inverted Rate Supply

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.

Symbol: Net_ITC

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Net Itc

Adjusted Total Turnover

Adjusted Total Turnover refers to the total turnover of a business after certain adjustments have been made to the values.

Symbol: ATT

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Adjusted Total Turnover

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.

Symbol: TGS

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Tax Payable on Inverted Rate Supply of Gst

Other formulas in Tax category

Go Tax Equivalent Yield

TEQY = \frac{TFY}{1 - TR}

Go Sales Tax Amount

STA = P \cdot (\frac{ST}{100})

Go Total Sales Tax

TST = P + STA

Go Effective Tax Rate

ETR = \frac{TEE}{EBT}

How to Evaluate Maximum Refund Amount?

Maximum Refund Amount evaluator uses Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst to evaluate 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 evaluate Maximum Refund Amount using this online evaluator? To use this online evaluator for Maximum Refund Amount, enter Turnover of Inverted Rate Supply (TIRS), Net Itc (Net_ITC), Adjusted Total Turnover (ATT) & Tax Payable on Inverted Rate Supply of Gst (TGS) and hit the calculate button.

FAQs on Maximum Refund Amount

What is the formula to find Maximum Refund Amount?

The formula of Maximum Refund Amount is expressed as Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst. Here is an example- 9245 = (1025*5000/500)-1005.

How to calculate Maximum Refund Amount?

With Turnover of Inverted Rate Supply (TIRS), Net Itc (Net_ITC), Adjusted Total Turnover (ATT) & Tax Payable on Inverted Rate Supply of Gst (TGS) we can find Maximum Refund Amount using the formula - Maximum Refund Amount = (Turnover of Inverted Rate Supply*Net Itc/Adjusted Total Turnover)-Tax Payable on Inverted Rate Supply of Gst.

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Maximum Refund Amount Formula

Maximum Refund Amount Example

Maximum Refund Amount Solution

Maximum Refund Amount Formula Elements

Other formulas in Tax category

How to Evaluate Maximum Refund Amount?

FAQs on Maximum Refund Amount

Variable Name