TaxTMI 
TaxTMI 
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 ?
Amendment of Rule 89(5) - Notification No 14/2022
08 Jul 2022 
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Amendment to Rule 89 refund formula may be treated prospectively, affecting refund claims; consider applying the new formula now.
Amendment to Rule 89(5) revises the GST refund formula and raises whether Notification 14/2022 operates prospectively or retrospectively. Commentators note arguments for prospectivity based on absence of an explanatory clause and the notification's explicit retrospective amendments elsewhere, but also note precedent supporting retrospective rectification of anomalous drafting. Practitioners recommend filing under the new formula to preserve benefit, flag litigation risks and urge a clarificatory circular and equivalent relief for ITC on capital goods; exporters face CIF versus FOB valuation disputes affecting refund quantum. (AI Summary)
Amendment to Rule 89(5) revises the GST refund formula and raises whether Notification 14/2022 operates prospectively or retrospectively. Commentators note arguments for prospectivity based on absence of an explanatory clause and the notification's explicit retrospective amendments elsewhere, but also note precedent supporting retrospective rectification of anomalous drafting. Practitioners recommend filing under the new formula to preserve benefit, flag litigation risks and urge a clarificatory circular and equivalent relief for ITC on capital goods; exporters face CIF versus FOB valuation disputes affecting refund quantum. (AI Summary)