Unutilized input tax credit allowed as refund only for exports or where input tax rates exceed output tax rates. Unutilized Input Tax Credit is refundable only where: exports of goods on which export duty is not payable; exports of services; or credit accumulation ... Summary
Unutilized input tax credit allowed as refund only for exports or where input tax rates exceed output tax rates.
Unutilized Input Tax Credit is refundable only where: exports of goods on which export duty is not payable; exports of services; or credit accumulation due to the input tax rate exceeding the output tax rate. Refunds are therefore confined to exports and tax-rate-induced accumulated credits rather than general unused credits.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.