Refund of accumulated ITC

[Kaustubh Karandikar]

XYZ importing goods against ‘Advance Authorization’. They had also fulfilled export obligation against the same by exporting the goods without payment of GST under LUT. They are now filing refund claim of accumulated ITC on account of continuous exports. Can they consider the value of exports made for fulfilment of export obligation against advance authorization, while claiming refund of accumulated ITC?

AI Summary

XYZ Seeks ITC Refund for Exports Under Advance Authorization; Debates on Relevance of Export Value and Applicable Rules XYZ is seeking to claim a refund of accumulated Input Tax Credit (ITC) due to continuous exports under an Advance Authorization scheme. They have fulfilled their export obligations without paying GST under a Letter of Undertaking (LUT). One respondent suggests that the value of exported goods is not relevant for claiming accumulated credit, only proof of export and a bank realization certificate are needed. Another respondent states that the department disallows considering the value of exports for this purpose. A third respondent believes XYZ can claim a refund under Rule 89, but not under Rule 96 due to restrictions.