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of <h1>Finance Bill 2024 amends IGST Act: New rules on tax refunds for zero rated supplies; export duties impact.</h1> Clause 149 of the Finance (No. 2) Bill, 2024, amends section 16 of the Integrated Goods and Services Tax Act. It modifies sub-section (4) to specify that refunds of integrated tax paid on zero rated supplies must comply with section 54 of the Central Goods and Services Tax Act. Additionally, it introduces sub-section (5), which prohibits refunds of unutilized input tax credit or integrated tax for zero rated supplies if such goods are subject to export duty. The amendment empowers the government to define eligible persons and goods for zero rated supplies, subject to specified conditions and procedures.
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