https://www.taxtmi.com/article/detailed?id=14911 The amended Rule 89(5) modifies the formula for refunds on account of inverted duty structure by using Net ITC and Adjusted Total Turnover to compute maximum refundable ITC, including input services in the Net ITC measure. The Gujarat High Court held the amendment clarificatory and applicable retrospectively to refund or rectification applications filed within the two-year limitation under Section 54(1). The Supreme Court declined to interfere, affirming application of the amended formula to timely-filed IDS refund claims. en-us Sat, 02 Aug 2025 07:25:41 +0530 Sat, 02 Aug 2025 07:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=14911 The amended Rule 89(5) modifies the formula for refunds on account of inverted duty structure by using Net ITC and Adjusted Total Turnover to compute maximum refundable ITC, including input services in the Net ITC measure. The Gujarat High Court held the amendment clarificatory and applicable retrospectively to refund or rectification applications filed within the two-year limitation under Section 54(1). The Supreme Court declined to interfere, affirming application of the amended formula to timely-filed IDS refund claims. Articles Goods and Services Tax - GST Sat, 02 Aug 2025 07:25:41 +0530 https://www.taxtmi.com/article/detailed?id=14911