Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. It states that if exporters initially imported inputs without paying IGST and cess by availing exemption notifications, but later paid the dues along with interest and got the Bill of Entry reassessed, the IGST paid on exports shall not be considered in contravention of rule 96(10). The Explanation inserted in rule 96(10) retrospectively deems the exemption notification benefits as not availed if IGST and cess were paid on imported inputs. Therefore, refund of IGST on exports in such cases can be regularized.
This circular clarifies the regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, where exporters had imported inputs without paying integrated taxes and compensation cess. It states that if exporters initially imported inputs without paying IGST and cess by availing exemption notifications, but later paid the dues along with interest and got the Bill of Entry reassessed, the IGST paid on exports shall not be considered in contravention of rule 96(10). The Explanation inserted in rule 96(10) retrospectively deems the exemption notification benefits as not availed if IGST and cess were paid on imported inputs. Therefore, refund of IGST on exports in such cases can be regularized.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
