https://www.taxtmi.com/forum/issue?id=116033 Refund claims for unutilized input tax credit under the inverted duty structure are limited to ITC on inputs; credit attributable to input services and capital goods is excluded. The Net ITC used in the statutory refund formula is defined to include only input goods, and rulemaking and circulars clarify that refunds do not cover tax paid on input services or capital goods. en-us Wed, 19 Feb 2020 09:52:00 +0530 Thu, 23 Jan 2025 15:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116033 Refund claims for unutilized input tax credit under the inverted duty structure are limited to ITC on inputs; credit attributable to input services and capital goods is excluded. The Net ITC used in the statutory refund formula is defined to include only input goods, and rulemaking and circulars clarify that refunds do not cover tax paid on input services or capital goods. Discussion-Forum GST Wed, 19 Feb 2020 09:52:00 +0530 https://www.taxtmi.com/forum/issue?id=116033