https://www.taxtmi.com/forum/issue?id=118037 Refund under the inverted duty structure is available in respect of outward supplies at concessional rates and is tied to ITC on inputs used in making the supply. The circular does not limit outward supply to goods, so eligible outward services (including most works contract services) can qualify. A recent amendment to the refund formula acknowledges use of both inputs and input services to discharge tax, producing higher refunds, but commentators disagree whether that amendment creates a standalone refund entitlement for ITC on input services or simply increases refunds attributable to inputs. en-us Fri, 08 Jul 2022 12:10:55 +0530 Thu, 23 Jan 2025 15:54:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118037 Refund under the inverted duty structure is available in respect of outward supplies at concessional rates and is tied to ITC on inputs used in making the supply. The circular does not limit outward supply to goods, so eligible outward services (including most works contract services) can qualify. A recent amendment to the refund formula acknowledges use of both inputs and input services to discharge tax, producing higher refunds, but commentators disagree whether that amendment creates a standalone refund entitlement for ITC on input services or simply increases refunds attributable to inputs. Discussion-Forum GST Fri, 08 Jul 2022 12:10:55 +0530 https://www.taxtmi.com/forum/issue?id=118037