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of <h1>GST Circular Lifts Restriction on Clubbing Tax Periods for Refunds; Clarifies ITC and HSN/SAC Code Requirements.</h1> The circular addresses issues related to GST refunds, clarifying that the restriction on clubbing tax periods across financial years for refund claims has been removed. It explains that refunds of accumulated input tax credit (ITC) due to GST rate changes are not covered under the inverted duty structure provisions unless the output supply is taxed at a lower rate due to a concessional notification. For refunds of tax paid on non-zero-rated supplies, the refund will be proportionate to the original mode of tax payment. The circular also mandates mentioning HSN/SAC codes in refund applications to distinguish between goods and services.
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