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of <h1>GST Circular Clarifies Refund Issues: Inverted Tax Structure, ITC Reversals, Merchant Exporters, and Deficiency Memos Explained.</h1> The circular addresses various refund-related issues under the GST framework. It provides clarifications for registered persons facing difficulties in claiming refunds of accumulated input tax credit (ITC) due to an inverted tax structure. To resolve this, refunds should be claimed under the category 'any other' in FORM GST RFD-01A. It also outlines procedures for reversing ITC using FORM GST DRC-03 and addresses interest liabilities for delayed reversals. Additionally, the circular explains the refund process for merchant exporters and offers guidance on handling deficiency memos and re-crediting ITC. The circular requests the issuance of trade notices to inform stakeholders.
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