https://www.taxtmi.com/circulars?id=66506 Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected. en-us Sat, 12 Nov 2022 00:00:00 +0530 Tue, 27 Jun 2023 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66506 Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected. Circulars GST - States Sat, 12 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66506