Clarification on Refunds for Wrongly Paid Taxes Under MGST Section 77(1) and IGST Section 19(1); Two-Year Claim Limit.

The circular clarifies the refund process for taxes wrongly paid under section 77(1) of the Maharashtra Goods and Services Tax (MGST) Act and section 19(1) of the Integrated Goods and Services Tax (IGST) Act. It aligns with a previous circular by the Central Board of Indirect Taxes and Customs (CBIC) to ensure uniformity. The term "subsequently held" includes both taxpayer self-identification and tax officer findings regarding tax misclassification. Refund claims must be filed within two years from the date of correct tax payment. The circular also specifies that refunds are not available if tax adjustments were made through credit notes.

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