Rule 96B - Recovery of refund of unutilised input tax credit or integrated tax paid on export of goods where export proceeds not realised

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.