Refund eligibility for unutilised input tax credit clarified: amended calculation and specified-goods restriction apply prospectively to new applications. An amended formula for calculating refunds of unutilised input tax credit due to inverted duty structure is applicable prospectively and governs refund applications filed on or after the amendment's effective date; applications filed earlier must follow the prior formula. A separate notification proscribes refunds for specified goods where input tax exceeds output tax, and that restriction likewise applies prospectively to refund applications filed on or after its effective date and not to earlier-filed claims.
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Refund eligibility for unutilised input tax credit clarified: amended calculation and specified-goods restriction apply prospectively to new applications.
An amended formula for calculating refunds of unutilised input tax credit due to inverted duty structure is applicable prospectively and governs refund applications filed on or after the amendment's effective date; applications filed earlier must follow the prior formula. A separate notification proscribes refunds for specified goods where input tax exceeds output tax, and that restriction likewise applies prospectively to refund applications filed on or after its effective date and not to earlier-filed claims.
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