Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
The petitioners sought transfer of unutilized input tax credit available in their ledgers as on 02.06.2014 to the AP GST regime. The court held that Section 56 of the Andhra Pradesh Reorganisation Act, 2014 deals with refund of excess tax collected, but is inapplicable to unutilized input tax credit, which is not excess tax paid. Consequently, the impugned demand orders in Form GST DRC-07 issued by the respondent were set aside, and the petition was allowed. The court clarified that the petitioners' only option was not to seek a refund, as Section 56 did not cover unutilized input tax credit.
The petitioners sought transfer of unutilized input tax credit available in their ledgers as on 02.06.2014 to the AP GST regime. The court held that Section 56 of the Andhra Pradesh Reorganisation Act, 2014 deals with refund of excess tax collected, but is inapplicable to unutilized input tax credit, which is not excess tax paid. Consequently, the impugned demand orders in Form GST DRC-07 issued by the respondent were set aside, and the petition was allowed. The court clarified that the petitioners' only option was not to seek a refund, as Section 56 did not cover unutilized input tax credit.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
