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2022 (9) TMI 420 - HC - GSTEffective date of clarificatory circular - Rejection of refund of accumulated unutilized tax credit - inverted tax structure in terms of Section 54 of CGST Act, 2017 read with appropriate CGST Rules, 2017 - HELD THAT:- Refund of accumulated input tax credit on account of inverted structure would be allowed in cases where accumulation of input tax credit is on account of rate of tax on output supply being less than the rate of tax on inputs (same goods) at the same point of time as per some concessional notification issued by the Government providing for lower rate of tax for some specified supplies subject to fulfilment of other conditions. The Circular dated 06.07.2022 is clarificatory in nature whereby paragraph 3.2 of the Circular dated 31.03.2020 has been substituted as supra. Being clarificatory, Circular dated 06.07.2022 inserting the above clarification would have the effect from the date when Circular dated 31.03.2020 came into effect - If this be the position, then the claim of the petitioner is liable to be re-considered on the basis of the Circular dated 31.03.2020 as clarified by the Circular dated 06.07.2022. The matter is remanded back to respondent No.6 for re-consideration in terms of the Circular dated 06.07.2022 - Petition allowed by way of remand.
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