https://www.taxtmi.com/article/detailed?id=8149 Notification No. 20/2018-C.T. (Rate) treats denial of refund for accumulated ITC as lapsing of the underlying credit, but the statutory proviso empowering denial of refunds is limited to specifying supplies ineligible for conversion of accumulated credit into cash. That power does not authorise extinguishing the substantive, vested right to claim and utilise ITC; denial of refund leaves credit available for discharge of tax liabilities via the electronic credit ledger and rejected refund amounts must be re credited, so equating refund denial with lapsing is beyond the statute and constitutionally problematic. en-us Fri, 07 Sep 2018 06:35:38 +0530 Fri, 07 Sep 2018 06:35:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8149 Notification No. 20/2018-C.T. (Rate) treats denial of refund for accumulated ITC as lapsing of the underlying credit, but the statutory proviso empowering denial of refunds is limited to specifying supplies ineligible for conversion of accumulated credit into cash. That power does not authorise extinguishing the substantive, vested right to claim and utilise ITC; denial of refund leaves credit available for discharge of tax liabilities via the electronic credit ledger and rejected refund amounts must be re credited, so equating refund denial with lapsing is beyond the statute and constitutionally problematic. Articles Goods and Services Tax - GST Fri, 07 Sep 2018 06:35:38 +0530 https://www.taxtmi.com/article/detailed?id=8149