Amendment of Rule 89(5) - Notification No 14/2022

[RM Shanmugam]

Is that amended new formula is applicable for the refund applications to be filed for the tax periods earlier to the date of notification 14/2022 dt 05.07.2022 ?

AI Summary

Debate on Rule 89(5) Amendment: Should New GST Refund Formula Apply Retroactively or Prospectively? (5) A discussion on the amendment of Rule 89(5) under Notification No 14/2022 focuses on whether the new formula for GST refunds should apply retroactively or prospectively. One participant argues that the amendment is substantive and should be prospective, while referencing a Supreme Court decision that suggests it could be retroactive to correct an anomaly. Another participant highlights potential challenges in claiming retrospective application, noting the absence of explicit retrospective language in the notification. A third participant raises a specific issue regarding export refunds affected by the formula change, seeking legal remedies due to discrepancies in turnover definitions.