Zero-rated supply refund framework under GST is expanded with updated conditions for input tax credit and export proceeds realisation. Amendment of section 16 of the Integrated Goods and Services Tax Act, 2017 inserts the words for authorised operations in the provision relating to supply of goods or services or both. The substituted sub-sections regulate refund of unutilised input tax credit for zero-rated supply made without payment of integrated tax under bond or Letter of Undertaking, subject to prescribed conditions, safeguards and procedure, and require deposit of refund with interest if export sale proceeds are not realised within the prescribed foreign exchange time limit.
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.
Zero-rated supply refund framework under GST is expanded with updated conditions for input tax credit and export proceeds realisation.
Amendment of section 16 of the Integrated Goods and Services Tax Act, 2017 inserts the words for authorised operations in the provision relating to supply of goods or services or both. The substituted sub-sections regulate refund of unutilised input tax credit for zero-rated supply made without payment of integrated tax under bond or Letter of Undertaking, subject to prescribed conditions, safeguards and procedure, and require deposit of refund with interest if export sale proceeds are not realised within the prescribed foreign exchange time limit.
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