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Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification - GST - States - 10/2022 - TNGST

Extract

..... istry of Finance, Department of Revenue, Government of India, CBIC, New Delhi In the reference cited, the CBIC, Department of Revenue, Ministry of Finance, Government of India, New Delhi, has issued Circular No. 173/05/2022-GST, dated 06.07.2022 on the recommendations of the GST Council. Hence, following pari materia circular is issued:- Various representations have been received by GST Council seeking clarification with regard to applicability of para 3.2 of the Circular No. 135/05/2020-GST dat .....

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Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification - GST - States

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..... the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies. It is noteworthy that, the input and output being the same in such cases, though attracting different tax rates at different points in time, do not get covered under the provisions of clause (ii) of sub-section (3) of section 54 of the TNGST Act It is hereby clarified that refund of accumulated ITC under clause (ii) of sub-section (3) of section 54 of the TNGST Act would not be ap .....

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Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification - GST - States

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..... ecified supplies subject to fulfilment of other conditions. Accordingly, para 3.2 of the Circular No. 9/2020- TNGST (PP6/35622/2019) dated 20-06.2020 stands substituted as under: "3.2 It may be noted that refund of accumulated ITC in terms of clause (ii) of first proviso to sub-section (3) of section 54 of the TNGST Act is available where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies. It is noteworthy that, the input and .....

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Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification - GST - States

X X   X X   Extracts   X X   X X