No refund of unutilised input tax credit: refunds barred where input tax rate exceeds output tax rate for listed goods. The notification prescribes that no refund of unutilised input tax credit shall be allowed where credit accumulated because the rate of tax on inputs exceeds the rate of tax on output supplies; this prohibition applies to the goods listed by tariff items in the Table and relies on the interpretation rules of the Customs Tariff First Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
No refund of unutilised input tax credit: refunds barred where input tax rate exceeds output tax rate for listed goods.
The notification prescribes that no refund of unutilised input tax credit shall be allowed where credit accumulated because the rate of tax on inputs exceeds the rate of tax on output supplies; this prohibition applies to the goods listed by tariff items in the Table and relies on the interpretation rules of the Customs Tariff First Schedule.
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