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of <h1>Amendment to Section 54 CGST Act: No Refund on Unutilized ITC for Zero-Rated Goods with Export Duty.</h1> Section 54 of the Central Goods and Services Tax Act has been amended by the Finance (No. 2) Act, 2024. The amendment involves the omission of the second proviso in sub-section (3). Additionally, a new sub-section (15) is inserted, stating that no refund of unutilized input tax credit or integrated tax paid will be allowed for zero-rated supply of goods if such goods are subject to export duty. These changes will take effect from November 1, 2024, as per Notification No. 17/2024-Central Tax dated September 27, 2024.
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