Refund entitlement under inverted duty structure clarified: concessional notifications can allow ITC refund when output rate undercuts input. Refund of accumulated input tax credit is admissible where accumulation arises because the rate of tax on outward supplies is lower than the rate on inputs at the same point in time due to supply made under a Government concessional notification prescribing a lower tax rate for specified supplies; refunds remain unavailable for nil rated or fully exempt outputs and are subject to other statutory conditions and any Government notification excluding certain supplies from refund.
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.
Refund entitlement under inverted duty structure clarified: concessional notifications can allow ITC refund when output rate undercuts input.
Refund of accumulated input tax credit is admissible where accumulation arises because the rate of tax on outward supplies is lower than the rate on inputs at the same point in time due to supply made under a Government concessional notification prescribing a lower tax rate for specified supplies; refunds remain unavailable for nil rated or fully exempt outputs and are subject to other statutory conditions and any Government notification excluding certain supplies from refund.
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 
