https://www.taxtmi.com/article/detailed?id=8009 Section 54(3) allows refund of unutilized input tax credit where inputs are taxed at higher rates than outputs; the Act's definitions encompass taxes on inputs, input services and capital goods, but Rule 89(5)'s refund formula and its Net ITC explanation appear to confine the calculation to taxes on inputs, creating an anomaly over whether input services and capital goods are excluded or remain refundable and whether the rule is consistent with the Act. en-us Sat, 19 May 2018 07:53:37 +0530 Sat, 19 May 2018 07:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8009 Section 54(3) allows refund of unutilized input tax credit where inputs are taxed at higher rates than outputs; the Act's definitions encompass taxes on inputs, input services and capital goods, but Rule 89(5)'s refund formula and its Net ITC explanation appear to confine the calculation to taxes on inputs, creating an anomaly over whether input services and capital goods are excluded or remain refundable and whether the rule is consistent with the Act. Articles Goods and Services Tax - GST Sat, 19 May 2018 07:53:37 +0530 https://www.taxtmi.com/article/detailed?id=8009