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of <h1>Court Rules in Favor of Oil Firm on ITC Refund; CBIC Circulars Cannot Override CGST Act Provisions, Section 54(3).</h1> A corporation in the oil industry sought a refund of accumulated Input Tax Credit (ITC) under the Central Goods & Services Tax Act, 2017, which was denied by authorities due to identical tax rates on input and output supplies. The case focused on the interpretation of Section 54(3) and Clause (ii) of the CGST Act, and Circular No. 135/05/2020, which authorities used to deny the refund. The court ruled in favor of the petitioner, stating that the authorities' interpretation was too restrictive and not aligned with the legislative intent, emphasizing that CBIC circulars cannot override the CGST Act provisions.
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