Refund of Unutilized ITC Not Time-Barred, Court Rules in Favor of Timely Refund Applications Under CGST Act.

Refund of Unutilized ITC Not Time-Barred, Court Rules in Favor of Timely Refund Applications Under CGST Act. https://www.taxtmi.com/highlights?id=74159 Refund of unutilised Input Tax Credit (ITC) - Barred by time limitation or not - The relevant date is the date of receipt of payment in convertible foreign exchange, as per Explanation (2) to sub-section (14) of Section 54. Even as regards FIRCs issued in April 2018, if the benefit of the above notification is extended to the petitioner, the refund application dated 04.09.2020 would be within the two year period, which is to be computed from the relevant date, as per sub-section (1) of Section 54 of the CGST Act. - Refund directed to be granted - HC en-us Sat, 13 Jan 2024 18:54:16 +0530 Sat, 13 Jan 2024 18:54:16 +0530 TaxTMI RSS Generator Refund of Unutilized ITC Not Time-Barred, Court Rules in Favor of Timely Refund Applications Under CGST Act. https://www.taxtmi.com/highlights?id=74159 Refund of unutilised Input Tax Credit (ITC) - Barred by time limitation or not - The relevant date is the date of receipt of payment in convertible foreign exchange, as per Explanation (2) to sub-section (14) of Section 54. Even as regards FIRCs issued in April 2018, if the benefit of the above notification is extended to the petitioner, the refund application dated 04.09.2020 would be within the two year period, which is to be computed from the relevant date, as per sub-section (1) of Section 54 of the CGST Act. - Refund directed to be granted - HC Highlights GST Sat, 13 Jan 2024 18:54:16 +0530 https://www.taxtmi.com/highlights?id=74159