Input Tax Credit for deemed exports clarified: ITC for refund not treated as Chapter V ITC, excluded from net ITC. Refunds of tax on supplies regarded as deemed exports are enabled by making the tax available as an ITC for portal claim purposes, but that ITC is not ITC under Chapter V and therefore is not subject to Section 17 restrictions nor included in 'Net ITC' for computation of unutilised ITC refunds. The proviso to clause (b) applies to the whole clause; 'leasing' there means only motor vehicles, vessels and aircraft. Employee perquisites under contract are outside GST. Electronic credit ledger may pay output tax but not reverse charge tax or non-tax liabilities; cash ledger may pay tax and other liabilities.
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.
Input Tax Credit for deemed exports clarified: ITC for refund not treated as Chapter V ITC, excluded from net ITC.
Refunds of tax on supplies regarded as deemed exports are enabled by making the tax available as an ITC for portal claim purposes, but that ITC is not ITC under Chapter V and therefore is not subject to Section 17 restrictions nor included in "Net ITC" for computation of unutilised ITC refunds. The proviso to clause (b) applies to the whole clause; "leasing" there means only motor vehicles, vessels and aircraft. Employee perquisites under contract are outside GST. Electronic credit ledger may pay output tax but not reverse charge tax or non-tax liabilities; cash ledger may pay tax and other liabilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
