https://www.taxtmi.com/article/detailed?id=15723 Refunds under Section 54(3)(ii) read with Rule 89(5) are limited to ITC on input goods where GST on inputs exceeds GST on outputs; the Rule 89(5) formula caps refunds by reference to turnover of inverted-rated supplies, adjusted total turnover and net ITC (goods only), less tax payable. Filing requires RFD-01/RFD-01A, reconciled returns, Statement 1A and prescribed attachments, with a two-year limitation and provisional 90% relief subject to verification. en-us Tue, 13 Jan 2026 08:31:07 +0530 Tue, 13 Jan 2026 08:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15723 Refunds under Section 54(3)(ii) read with Rule 89(5) are limited to ITC on input goods where GST on inputs exceeds GST on outputs; the Rule 89(5) formula caps refunds by reference to turnover of inverted-rated supplies, adjusted total turnover and net ITC (goods only), less tax payable. Filing requires RFD-01/RFD-01A, reconciled returns, Statement 1A and prescribed attachments, with a two-year limitation and provisional 90% relief subject to verification. Articles Goods and Services Tax - GST Tue, 13 Jan 2026 08:31:07 +0530 https://www.taxtmi.com/article/detailed?id=15723