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of <h1>Section 54 amended: 'zero-rated supplies' replaced by 'export(s)', foreign exchange receipts clarified, refund due date tied to section 39 return</h1> Section 54 is amended to (1) replace the phrase 'zero-rated supplies' with 'export' and 'exports' in sub-section (8)(a); (2) clarify that receipts may be in foreign exchange 'or in Indian rupees wherever permitted by the Reserve Bank of India' in Explanation clause (2)(c)(i); and (3) substitute Explanation clause (2)(e) to provide that, for refunds of unutilised input tax credit under clause (ii) of the first proviso to sub-section (3), the due date is the date for furnishing the return under section 39 for the period in which the refund claim arises.
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