Clarification on refund related issues - refund of unutilized input tax credit in cases where credit is accumulated on account of rate of tax of inputs being higher than the rate of tax on output supplies i.e. on account of inverted duty structure.

Clarification on refund related issues - refund of unutilized input tax credit in cases where credit is accumulated on account of rate of tax of inputs being higher than the rate of tax on output supplies i.e. on account of inverted duty structure. https://www.taxtmi.com/circulars?id=66005 The amendment to the formula for calculating refunds of unutilised input tax credit due to an inverted duty structure is prospective and applies to refund applications filed on or after its effective date; applications filed before that date remain governed by the earlier formula. A separate restriction denying such refunds for specified goods in chapters 15 and 27 also applies prospectively to applications filed on or after its effective date and does not affect applications filed earlier. en-us Mon, 14 Nov 2022 00:00:00 +0530 Wed, 16 Nov 2022 18:45:00 +0530 TaxTMI RSS Generator Clarification on refund related issues - refund of unutilized input tax credit in cases where credit is accumulated on account of rate of tax of inputs being higher than the rate of tax on output supplies i.e. on account of inverted duty structure. https://www.taxtmi.com/circulars?id=66005 The amendment to the formula for calculating refunds of unutilised input tax credit due to an inverted duty structure is prospective and applies to refund applications filed on or after its effective date; applications filed before that date remain governed by the earlier formula. A separate restriction denying such refunds for specified goods in chapters 15 and 27 also applies prospectively to applications filed on or after its effective date and does not affect applications filed earlier. Circulars GST - States Mon, 14 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66005