Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
AAR holds that non-edible castor oil is classifiable under Chapter 15 and, by application of schedule I serial no. 90, attracts IGST at 5%. The Authority, applying HSN explanatory notes, excludes the product from the animal/vegetable fat mixtures provision of the HSN 1518 entry and treats it as a vegetable fat/oil fraction within serial no. 90. Questions on entitlement to refund of accumulated input tax credit arising from an inverted duty structure, and on the permissible utilization of such accumulated credit, are not adjudicated because they fall outside the matters enumerated in subsection 97(2) and therefore are not addressed in this ruling.
AAR holds that non-edible castor oil is classifiable under Chapter 15 and, by application of schedule I serial no. 90, attracts IGST at 5%. The Authority, applying HSN explanatory notes, excludes the product from the animal/vegetable fat mixtures provision of the HSN 1518 entry and treats it as a vegetable fat/oil fraction within serial no. 90. Questions on entitlement to refund of accumulated input tax credit arising from an inverted duty structure, and on the permissible utilization of such accumulated credit, are not adjudicated because they fall outside the matters enumerated in subsection 97(2) and therefore are not addressed in this ruling.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4798
Join Channel
TaxTMI 
