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of <h1>GST Circular Clarifies ITC Refund Calculation and Ledger Debiting Order; Highlights Common Discrepancies in Claims.</h1> The circular addresses issues related to the refund of unutilized input tax credit (ITC) under GST. It clarifies the calculation method for the refundable amount, which should be the least of the maximum refund amount as per CGST Rules, the balance in the electronic credit ledger at the end of the tax period, or at the time of filing the refund application. The circular outlines the order of debiting the electronic credit ledger, prioritizing integrated tax, followed by central and state/union territory taxes. It also highlights discrepancies observed in refund claims and provides illustrative examples to ensure compliance with the specified procedures.
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