https://www.taxtmi.com/circulars?id=67513 Amendment to the refund computation for unutilised input tax credit due to inverted duty structure revises the formula in sub rule (5) of rule 89; the amended formula applies prospectively to refund applications filed on or after July 5, 2022, while applications filed earlier follow the pre amendment formula. A separate notification bars refunds for specified goods where credit accumulation arises from higher input rates than output rates; that refund restriction is also prospective and applies only to applications filed on or after July 18, 2022. en-us Wed, 30 Nov 2022 00:00:00 +0530 Wed, 12 Jun 2024 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=67513 Amendment to the refund computation for unutilised input tax credit due to inverted duty structure revises the formula in sub rule (5) of rule 89; the amended formula applies prospectively to refund applications filed on or after July 5, 2022, while applications filed earlier follow the pre amendment formula. A separate notification bars refunds for specified goods where credit accumulation arises from higher input rates than output rates; that refund restriction is also prospective and applies only to applications filed on or after July 18, 2022. Circulars GST - States Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/circulars?id=67513