Functional comparability under TNMM: broadcasters excluded, software distributors included, and no separate interest on receivables after working capi...
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Refund of accumulated unutilised input tax credit under an inverted duty structure is available where higher-rated ancillary inputs, including chemicals and packing materials, cause credit accumulation, even if the principal input and output supply attract the same tax rate. Section 54(3) does not distinguish between major and minor inputs. The prescribed refund computation applies under Rule 89(5), and the discussed circular restricting refunds to cases involving higher-rated principal inputs had been declared unconstitutional. The text states that rejected refund claims were to be processed and sanctioned with applicable interest after personal hearing.
Refund of accumulated unutilised input tax credit under an inverted duty structure is available where higher-rated ancillary inputs, including chemicals and packing materials, cause credit accumulation, even if the principal input and output supply attract the same tax rate. Section 54(3) does not distinguish between major and minor inputs. The prescribed refund computation applies under Rule 89(5), and the discussed circular restricting refunds to cases involving higher-rated principal inputs had been declared unconstitutional. The text states that rejected refund claims were to be processed and sanctioned with applicable interest after personal hearing.
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