https://www.taxtmi.com/article/detailed?id=9041 Statutory provisions entitle zero-rated suppliers to refund of unutilised input tax credit inclusive of inputs, input services and capital goods, but the procedural formula in the rules defines Net ITC to exclude capital goods, creating a conflict whereby the rule restricts refunds that the statute appears to permit; such subordinate rule(s) risk being ultra vires and susceptible to challenge, with adverse competitiveness consequences for exporters. en-us Mon, 06 Apr 2020 10:18:51 +0530 Mon, 06 Apr 2020 10:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9041 Statutory provisions entitle zero-rated suppliers to refund of unutilised input tax credit inclusive of inputs, input services and capital goods, but the procedural formula in the rules defines Net ITC to exclude capital goods, creating a conflict whereby the rule restricts refunds that the statute appears to permit; such subordinate rule(s) risk being ultra vires and susceptible to challenge, with adverse competitiveness consequences for exporters. Articles Goods and Services Tax - GST Mon, 06 Apr 2020 10:18:51 +0530 https://www.taxtmi.com/article/detailed?id=9041