Input tax credit restriction bars refunds where input tax exceeds output tax for specified goods notified under GST. Amendment to the state GST notification inserts serials 1A-1O and renumbers serial 1 as 1AA to specify additional goods for which no refund of unutilised input tax credit shall be allowable under the proviso to sub section (3) of section 54 when credit accumulates because the rate of tax on inputs exceeds the rate on output supplies; the inserted entries chiefly list classes of edible vegetable oils, modified vegetable fats and certain solid fuels; effective 18 July 2022.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit restriction bars refunds where input tax exceeds output tax for specified goods notified under GST.
Amendment to the state GST notification inserts serials 1A-1O and renumbers serial 1 as 1AA to specify additional goods for which no refund of unutilised input tax credit shall be allowable under the proviso to sub section (3) of section 54 when credit accumulates because the rate of tax on inputs exceeds the rate on output supplies; the inserted entries chiefly list classes of edible vegetable oils, modified vegetable fats and certain solid fuels; effective 18 July 2022.
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