Unutilized ITC refund: Section 49(6) interpretation permits refund on business closure under GST procedural framework.
Whether a registered person may obtain a refund of accumulated, unutilized Input Tax Credit (ITC) on business cessation depends on the interplay between the ledger-refund mechanism and the specific restriction on ITC refunds. Section 49(6) routes electronic ledger balances to the refund regime while Section 54(3) restricts refunds of accumulated ITC to specified situations; resolving closure-based claims requires examining lawful accrual of ITC and whether the statutory refund architecture permits converting that accrued balance into a cash refund. (AI Summary)