https://www.taxtmi.com/article/detailed?id=15542 Section 54(3) and the Explanation defining Net ITC permit refund of unutilised ITC where input rates exceed output rates irrespective of why ITC accumulated; Rule 89(5) prescribes the refund formula and contains no exclusion for accumulation caused by Government subsidy, and valuation rules exclude subsidies from transaction value without converting supplies into exempt supplies. en-us Wed, 03 Dec 2025 08:58:00 +0530 Wed, 03 Dec 2025 08:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15542 Section 54(3) and the Explanation defining Net ITC permit refund of unutilised ITC where input rates exceed output rates irrespective of why ITC accumulated; Rule 89(5) prescribes the refund formula and contains no exclusion for accumulation caused by Government subsidy, and valuation rules exclude subsidies from transaction value without converting supplies into exempt supplies. Articles Goods and Services Tax - GST Wed, 03 Dec 2025 08:58:00 +0530 https://www.taxtmi.com/article/detailed?id=15542