Refunds for unutilised input tax credit due to inverted duty structure now subject to a new prospective computation rule affecting later claims. Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected.
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Provisions expressly mentioned in the judgment/order text.
Refunds for unutilised input tax credit due to inverted duty structure now subject to a new prospective computation rule affecting later claims.
Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected.
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