https://www.taxtmi.com/caselaws?id=799714 Net ITC for refunds of unutilized input tax credit on zero-rated supplies comprises credit availed during the relevant refund period under the statutory refund formula. A reversal of residual Compensation Cess credit relating to earlier tax periods, made after a prior refund was sanctioned, does not reduce Net ITC where it has no nexus with credit availed in the relevant period. Returns and the electronic credit ledger determine the credit actually availed during that period. Circular guidance cannot require deduction of all reversals reflected in a refund period if that approach enlarges or overrides the statutory formula. en-us Wed, 23 Sep 2026 00:00:00 +0530 Fri, 25 Sep 2026 08:16:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799714 Net ITC for refunds of unutilized input tax credit on zero-rated supplies comprises credit availed during the relevant refund period under the statutory refund formula. A reversal of residual Compensation Cess credit relating to earlier tax periods, made after a prior refund was sanctioned, does not reduce Net ITC where it has no nexus with credit availed in the relevant period. Returns and the electronic credit ledger determine the credit actually availed during that period. Circular guidance cannot require deduction of all reversals reflected in a refund period if that approach enlarges or overrides the statutory formula. Case-Laws GST Wed, 23 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799714