Refund of unutilised input tax credit: amended calculation applies prospectively and certain goods face prospective refund restriction. Amendment to the refund computation for unutilised input tax credit due to inverted duty structure revises the formula in sub rule (5) of rule 89; the amended formula applies prospectively to refund applications filed on or after July 5, 2022, while applications filed earlier follow the pre amendment formula. A separate notification bars refunds for specified goods where credit accumulation arises from higher input rates than output rates; that refund restriction is also prospective and applies only to applications filed on or after July 18, 2022.
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Provisions expressly mentioned in the judgment/order text.
Refund of unutilised input tax credit: amended calculation applies prospectively and certain goods face prospective refund restriction.
Amendment to the refund computation for unutilised input tax credit due to inverted duty structure revises the formula in sub rule (5) of rule 89; the amended formula applies prospectively to refund applications filed on or after July 5, 2022, while applications filed earlier follow the pre amendment formula. A separate notification bars refunds for specified goods where credit accumulation arises from higher input rates than output rates; that refund restriction is also prospective and applies only to applications filed on or after July 18, 2022.
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