Unutilised input tax credit refund rules apply prospectively; amended formula and goods restriction affect applications filed after effective dates. An amendment to the refund formula for unutilised input tax credit due to inverted duty structure is prospective from July 5, 2022 and applies only to applications filed on or after that date; applications filed before that date will follow the prior formula. A restriction denying such refunds for specified goods under Chapters 15 and 27 is prospective from July 18, 2022 and applies only to applications filed on or after that date, not to earlier-filed claims.
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Provisions expressly mentioned in the judgment/order text.
Unutilised input tax credit refund rules apply prospectively; amended formula and goods restriction affect applications filed after effective dates.
An amendment to the refund formula for unutilised input tax credit due to inverted duty structure is prospective from July 5, 2022 and applies only to applications filed on or after that date; applications filed before that date will follow the prior formula. A restriction denying such refunds for specified goods under Chapters 15 and 27 is prospective from July 18, 2022 and applies only to applications filed on or after that date, not to earlier-filed claims.
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