https://www.taxtmi.com/forum/issue?id=119502 Amendment defined Turnover of zero-rated supply of goods as the lesser of actual zero-rated exports made without tax payment under bond or letter of undertaking and 1.5 times the value of like goods domestically supplied by the same or similarly placed supplier, affecting the ITC refund formula (Net ITC x Zero-rated turnover / Total adjusted turnover). The provision was subsequently quashed by judicial decision, permitting claimants to seek refunds without applying the 1.5-times domestic-value limitation. en-us Mon, 06 Jan 2025 07:45:52 +0530 Thu, 23 Jan 2025 14:20:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119502 Amendment defined Turnover of zero-rated supply of goods as the lesser of actual zero-rated exports made without tax payment under bond or letter of undertaking and 1.5 times the value of like goods domestically supplied by the same or similarly placed supplier, affecting the ITC refund formula (Net ITC x Zero-rated turnover / Total adjusted turnover). The provision was subsequently quashed by judicial decision, permitting claimants to seek refunds without applying the 1.5-times domestic-value limitation. Discussion-Forum GST Mon, 06 Jan 2025 07:45:52 +0530 https://www.taxtmi.com/forum/issue?id=119502