Provisional attachment fails without material showing likely concealment, transfer, or dealing that could frustrate confiscation of mortgaged property...
Works-contract goods transfers remain outside service tax, while qualifying lift irrigation works receive exemption and extended limitation cannot app...
Customs assessment information portal centralises rulings and guidance to promote consistent classification, valuation, transparency and informed comp...
Composite show-cause notices spanning multiple financial years are jurisdictionally invalid, allowing writ review despite an alternative appellate rem...
Accumulated input tax credit refunds under an inverted duty...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation and verified credit.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Accumulated input tax credit refunds under an inverted duty structure depend on the tax rates applicable to supplies, not on whether the registered person is a manufacturer or trader. A circular addressing accumulation caused by a GST rate reduction on the same goods does not exclude refunds for finished apparel supplied at an unchanged rate; higher-taxed inputs may remain eligible under the prescribed formula. Refunds must be computed tax-period-wise, and period-specific calculation satisfies that requirement. Verification must address ineligible credit, invoice reconciliation and credit relating to zero-rated supplies; unsupported objections do not displace findings based on examined records. The refund claims were sustained and the Revenue appeals dismissed.
Accumulated input tax credit refunds under an inverted duty structure depend on the tax rates applicable to supplies, not on whether the registered person is a manufacturer or trader. A circular addressing accumulation caused by a GST rate reduction on the same goods does not exclude refunds for finished apparel supplied at an unchanged rate; higher-taxed inputs may remain eligible under the prescribed formula. Refunds must be computed tax-period-wise, and period-specific calculation satisfies that requirement. Verification must address ineligible credit, invoice reconciliation and credit relating to zero-rated supplies; unsupported objections do not displace findings based on examined records. The refund claims were sustained and the Revenue appeals dismissed.
Note: It is a system-generated summary and is for quick reference only.