Refund of Input Tax Credit: clubbing across financial years allowed; ITC refunds limited to GSTR 2A matched invoices. The circular removes the restriction on clubbing refund claims across financial years, clarifies that accumulated ITC due to a rate reduction on the same goods is not refundable as inverted structure accumulation, mandates proportional refund in original modes of payment with ITC amounts re credited to the electronic credit ledger, restricts ITC refunds to invoices uploaded by suppliers and reflected in GSTR 2A, and requires HSN/SAC codes in Annexure B where provided by suppliers; effective March 31, 2020.
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 of Input Tax Credit: clubbing across financial years allowed; ITC refunds limited to GSTR 2A matched invoices.
The circular removes the restriction on clubbing refund claims across financial years, clarifies that accumulated ITC due to a rate reduction on the same goods is not refundable as inverted structure accumulation, mandates proportional refund in original modes of payment with ITC amounts re credited to the electronic credit ledger, restricts ITC refunds to invoices uploaded by suppliers and reflected in GSTR 2A, and requires HSN/SAC codes in Annexure B where provided by suppliers; effective March 31, 2020.
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 
