https://www.taxtmi.com/article/detailed?id=9133 The amendment adds a valuation constraint to the Rule 89(4) refund formula for unutilised Input Tax Credit on zero-rated exports without payment of tax: turnover of zero-rated supply used in refund computation is now limited to the lesser of the declared export value and a capped value derived from the value of like goods in the domestic market supplied by the same or a similarly placed supplier. The change applies only to goods exported without payment of tax, is prospective to the notification, and raises questions on comparability, unit versus aggregate measurement, and timing of valuation. en-us Wed, 29 Apr 2020 08:58:31 +0530 Wed, 29 Apr 2020 08:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9133 The amendment adds a valuation constraint to the Rule 89(4) refund formula for unutilised Input Tax Credit on zero-rated exports without payment of tax: turnover of zero-rated supply used in refund computation is now limited to the lesser of the declared export value and a capped value derived from the value of like goods in the domestic market supplied by the same or a similarly placed supplier. The change applies only to goods exported without payment of tax, is prospective to the notification, and raises questions on comparability, unit versus aggregate measurement, and timing of valuation. Articles Goods and Services Tax - GST Wed, 29 Apr 2020 08:58:31 +0530 https://www.taxtmi.com/article/detailed?id=9133