https://www.taxtmi.com/caselaws?id=799713 Net ITC under Rule 89(4) comprises input tax credit actually availed and attributable to the relevant refund period. A reversal recorded during that period, where it relates to credit availed in an earlier period and is absent from relevant-period availment, does not reduce Net ITC in the formula for refund of unutilised cess credit attributable to zero-rated supplies. Paragraph 43(c) must be read consistently with Rule 89(4) and cannot extend the statutory formula to deduct every reversal recorded during the refund period. Administrative circulars bind departmental authorities but cannot override statutory provisions or restrict statutory refund entitlement; the accumulated cess credit refund remains admissible. 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=799713 Net ITC under Rule 89(4) comprises input tax credit actually availed and attributable to the relevant refund period. A reversal recorded during that period, where it relates to credit availed in an earlier period and is absent from relevant-period availment, does not reduce Net ITC in the formula for refund of unutilised cess credit attributable to zero-rated supplies. Paragraph 43(c) must be read consistently with Rule 89(4) and cannot extend the statutory formula to deduct every reversal recorded during the refund period. Administrative circulars bind departmental authorities but cannot override statutory provisions or restrict statutory refund entitlement; the accumulated cess credit refund remains admissible. Case-Laws GST Wed, 23 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799713