Assessee is entitled to claim refund under Inverted Duty Structure even in case of same inward and outward supplies

Assessee is entitled to claim refund under Inverted Duty Structure even in case of same inward and outward supplies https://www.taxtmi.com/article/detailed?id=12393 Entitlement to refund arises where credit has accumulated because the rate of tax on inputs exceeds the rate of tax on outputs, even when the inward and outward supplies are the same. The court rejected a circular that precluded refund in such cases and remanded the matter to the assessing authority for quantification, emphasizing that denial is not warranted where accumulation is attributable to higher input tax rates irrespective of sameness of supplies. en-us Tue, 05 Mar 2024 11:20:34 +0530 Tue, 05 Mar 2024 11:20:34 +0530 TaxTMI RSS Generator Assessee is entitled to claim refund under Inverted Duty Structure even in case of same inward and outward supplies https://www.taxtmi.com/article/detailed?id=12393 Entitlement to refund arises where credit has accumulated because the rate of tax on inputs exceeds the rate of tax on outputs, even when the inward and outward supplies are the same. The court rejected a circular that precluded refund in such cases and remanded the matter to the assessing authority for quantification, emphasizing that denial is not warranted where accumulation is attributable to higher input tax rates irrespective of sameness of supplies. Articles Goods and Services Tax - GST Tue, 05 Mar 2024 11:20:34 +0530 https://www.taxtmi.com/article/detailed?id=12393