Refund of accumulated input tax credit permitted where concessional notification causes output tax to be lower than input tax at the same time. Clarification permits refund of accumulated input tax credit where credit accumulation results from the rate on inputs exceeding the rate on output supplies because the supplier makes output supplies under a concessional notification that sets a lower contemporaneous tax rate, provided the supplies are not nil rated or fully exempt and are not notified as excluded from refund, and subject to other statutory conditions under clause (ii) of the first proviso to sub-section (3) of section 54 of the APGST Act.
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Provisions expressly mentioned in the judgment/order text.
Refund of accumulated input tax credit permitted where concessional notification causes output tax to be lower than input tax at the same time.
Clarification permits refund of accumulated input tax credit where credit accumulation results from the rate on inputs exceeding the rate on output supplies because the supplier makes output supplies under a concessional notification that sets a lower contemporaneous tax rate, provided the supplies are not nil rated or fully exempt and are not notified as excluded from refund, and subject to other statutory conditions under clause (ii) of the first proviso to sub-section (3) of section 54 of the APGST Act.
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