Recovery of unutilised input tax credit: deposit or recovery required where export proceeds are not realised, with interest and recredit rules. Recovery is required when a refund of unutilised input tax credit or integrated tax for exported goods was paid but export sale proceeds were not realised within the foreign exchange realisation period; the recipient must deposit the unrecouped refund with interest within thirty days after that period or the amount will be recovered as an erroneous refund with interest. A regulator's waiver of the realisation requirement prevents recovery. If proceeds are later realised and proved within three months, the recovered amount must be refunded to the extent of realisation provided realisation fell within any permitted extension.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recovery of unutilised input tax credit: deposit or recovery required where export proceeds are not realised, with interest and recredit rules.
Recovery is required when a refund of unutilised input tax credit or integrated tax for exported goods was paid but export sale proceeds were not realised within the foreign exchange realisation period; the recipient must deposit the unrecouped refund with interest within thirty days after that period or the amount will be recovered as an erroneous refund with interest. A regulator's waiver of the realisation requirement prevents recovery. If proceeds are later realised and proved within three months, the recovered amount must be refunded to the extent of realisation provided realisation fell within any permitted extension.
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