https://www.taxtmi.com/highlights?id=103704 Accumulated input tax credit refunds under an inverted duty structure depend on the tax rates applicable to supplies, not on whether the registered person is a manufacturer or trader. A circular addressing accumulation caused by a GST rate reduction on the same goods does not exclude refunds for finished apparel supplied at an unchanged rate; higher-taxed inputs may remain eligible under the prescribed formula. Refunds must be computed tax-period-wise, and period-specific calculation satisfies that requirement. Verification must address ineligible credit, invoice reconciliation and credit relating to zero-rated supplies; unsupported objections do not displace findings based on examined records. The refund claims were sustained and the Revenue appeals dismissed. en-us Sat, 12 Sep 2026 08:41:33 +0530 Sat, 12 Sep 2026 08:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=103704 Accumulated input tax credit refunds under an inverted duty structure depend on the tax rates applicable to supplies, not on whether the registered person is a manufacturer or trader. A circular addressing accumulation caused by a GST rate reduction on the same goods does not exclude refunds for finished apparel supplied at an unchanged rate; higher-taxed inputs may remain eligible under the prescribed formula. Refunds must be computed tax-period-wise, and period-specific calculation satisfies that requirement. Verification must address ineligible credit, invoice reconciliation and credit relating to zero-rated supplies; unsupported objections do not displace findings based on examined records. The refund claims were sustained and the Revenue appeals dismissed. Highlights GST Sat, 12 Sep 2026 08:41:33 +0530 https://www.taxtmi.com/highlights?id=103704