Chapter XIX exclusion applies to payments received by the International Rice Research Institute, subject to specified privileges and immunities condit...
Rule 89(4) determines zero-rated turnover for a relevant refund period by reference to invoices issued for goods cleared for export under bond or letter of undertaking. Goods covered by those invoices may be physically exported after that period, provided actual export is established. The value of invoices issued during the relevant period should not be excluded from accumulated input tax credit refund computation merely because the corresponding shipping bills bear later dates. Refund eligibility therefore depends on issuance of qualifying export invoices during the period and subsequent proof of export, rather than the date of the shipping bill alone.
Rule 89(4) determines zero-rated turnover for a relevant refund period by reference to invoices issued for goods cleared for export under bond or letter of undertaking. Goods covered by those invoices may be physically exported after that period, provided actual export is established. The value of invoices issued during the relevant period should not be excluded from accumulated input tax credit refund computation merely because the corresponding shipping bills bear later dates. Refund eligibility therefore depends on issuance of qualifying export invoices during the period and subsequent proof of export, rather than the date of the shipping bill alone.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
