https://www.taxtmi.com/article/detailed?id=13324 The CBIC clarified that the value of zero-rated supplies and the computation of Adjusted Total Turnover must reflect turnover in the State/Union territory and the amended definition of turnover of zero-rated supply, aligning numerator and denominator in the refund formula for refund of unutilised ITC; the court remanded the exporter's refund claim for reconsideration applying that clarification, which affects treatment of FOB versus transaction values. en-us Tue, 14 Jan 2025 15:50:32 +0530 Tue, 14 Jan 2025 15:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13324 The CBIC clarified that the value of zero-rated supplies and the computation of Adjusted Total Turnover must reflect turnover in the State/Union territory and the amended definition of turnover of zero-rated supply, aligning numerator and denominator in the refund formula for refund of unutilised ITC; the court remanded the exporter's refund claim for reconsideration applying that clarification, which affects treatment of FOB versus transaction values. Articles Goods and Services Tax - GST Tue, 14 Jan 2025 15:50:32 +0530 https://www.taxtmi.com/article/detailed?id=13324