No refund of unutilised input tax credit when input tax rate exceeds output rate, applicable to specified goods. Notification specifies that no refund of unutilised input tax credit shall be allowed where credit accumulated because input tax rate exceeds output tax rate (other than nil rated or fully exempt supplies), identifying specific tariff items including certain textile fabrics and railway locomotives, rolling stock, parts and track fixtures, and directing use of the First Schedule to the Customs Tariff Act, 1975 for interpretation.
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 when input tax rate exceeds output rate, applicable to specified goods.
Notification specifies that no refund of unutilised input tax credit shall be allowed where credit accumulated because input tax rate exceeds output tax rate (other than nil rated or fully exempt supplies), identifying specific tariff items including certain textile fabrics and railway locomotives, rolling stock, parts and track fixtures, and directing use of the First Schedule to the Customs Tariff Act, 1975 for interpretation.
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