https://www.taxtmi.com/forum/issue?id=118854 The question is whether ITC on batteries purchased for resale or fitted into manufactured vehicles must be included in the Net Input Tax Credit when computing inverted duty refunds. The department's practice to exclude traded goods would reduce net ITC and skew adjusted turnover, potentially leaving accumulated inverted credit contrary to refund provisions. Judicial guidance affirms refund entitlement where accumulation arises from certain higher tax inputs and holds that administrative circulars cannot supplant statutory refund rights. en-us Thu, 16 Nov 2023 14:53:43 +0530 Fri, 24 Jan 2025 10:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=118854 The question is whether ITC on batteries purchased for resale or fitted into manufactured vehicles must be included in the Net Input Tax Credit when computing inverted duty refunds. The department's practice to exclude traded goods would reduce net ITC and skew adjusted turnover, potentially leaving accumulated inverted credit contrary to refund provisions. Judicial guidance affirms refund entitlement where accumulation arises from certain higher tax inputs and holds that administrative circulars cannot supplant statutory refund rights. Discussion-Forum GST Thu, 16 Nov 2023 14:53:43 +0530 https://www.taxtmi.com/forum/issue?id=118854