High Court rules for IGST refund valuation based on invoice value. Lower value of invoice and shipping bill is to be refunded.

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....The High Court addressed the valuation of goods for calculating Integrated Goods and Services Tax (IGST) refund. The court held that the rules do not specify considering only the net realisation value; the value declared in the GST Invoice, in this case, USD 224846.75, should be used for the refund calculation. If there is a value mismatch with the shipping bill, the lower value is to be refunded. The court set aside the previous order and remanded the matter for proper processing of the refund application by the respondent. The petition was disposed of through remand.....