Refund of unutilised input tax credit for fabric exporters clarified; exports and SEZ supplies not subject to the restriction. A manufacturer exporting fabrics is entitled to refund of unutilised input tax credit on inputs used in manufacture of exported fabrics, since the notification restricting refunds under the rate mismatch proviso does not apply to zero rated supplies (exports and SEZ supplies); the refund excludes input tax credit on capital goods and remains subject to the procedural conditions of the refund provision.
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.
Refund of unutilised input tax credit for fabric exporters clarified; exports and SEZ supplies not subject to the restriction.
A manufacturer exporting fabrics is entitled to refund of unutilised input tax credit on inputs used in manufacture of exported fabrics, since the notification restricting refunds under the rate mismatch proviso does not apply to zero rated supplies (exports and SEZ supplies); the refund excludes input tax credit on capital goods and remains subject to the procedural conditions of the refund provision.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
