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of <h1>Section 16 Amended: Refunds of Tax Paid Now Linked to Section 54; New Rules for Zero-Rated Supplies</h1> Section 16 of the Integrated Goods and Services Tax Act is amended to specify that refunds of tax paid can be claimed in accordance with section 54 of the Central Goods and Services Tax Act. Clause (i) now includes provisions for claiming refunds under section 54, while clause (ii) clarifies the conditions for zero-rated supplies and refund claims. A new sub-section (5) is added, prohibiting refunds of unutilized input tax credit or integrated tax on zero-rated supplies if the goods are subject to export duty. These amendments take effect on November 1, 2024.
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