https://www.taxtmi.com/circulars?id=65760 Tax paid on deemed export supplies, made available as ITC for enabling refund claims on the portal, is not ITC under Chapter V and therefore is not subject to section 17(5) and must be excluded from "Net ITC" for computation of unutilised ITC refunds. The proviso added to clause (b) of section 17(5) applies to the entire clause (b). "Leasing" in that clause is limited to motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger funds may only discharge output tax (not reverse charge or other liabilities); cash ledger may meet tax, interest, penalty or fees. en-us Thu, 14 Jul 2022 00:00:00 +0530 Mon, 25 Jul 2022 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=65760 Tax paid on deemed export supplies, made available as ITC for enabling refund claims on the portal, is not ITC under Chapter V and therefore is not subject to section 17(5) and must be excluded from "Net ITC" for computation of unutilised ITC refunds. The proviso added to clause (b) of section 17(5) applies to the entire clause (b). "Leasing" in that clause is limited to motor vehicles, vessels and aircraft. Perquisites under employment contracts are not taxable supplies. Electronic credit ledger funds may only discharge output tax (not reverse charge or other liabilities); cash ledger may meet tax, interest, penalty or fees. Circulars GST - States Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=65760