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REFUND OF CARRY FORWARD INPUT TAX CREDIT

Para 2 (H) - Draft-Bills-Reports - Business Processes for GST on Refund Process - Goods and Services Tax - Para 2 (H) - 2(H) : i) As stated earlier, ITC is allowed to remove cascading and under modern VAT laws, tax is charged on value addition only a .....

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is less than the GST on the input supplies; b) Stock accumulation; c) Capital goods; and d) Partial Reverse charge mechanism for certain services. iii) As regards the accumulated ITC attributed to accumulation of stock or capital goods, it is recomme .....

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, it is proposed to have fewer tax rates and fewer exemptions and therefore it is felt that chances of inverted duty structure would not be there or would be very minimal. But still there might be a possibility that ITC may accumulate on account of i .....

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ns. The refund would be granted on submission of application. It may be mentioned, however, that presently the Centre does not grant refund in such cases. vi) Two options i.e. blocking the utilization of input tax credit claimed as refund at the time .....

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t option should be adopted. Suitable linkage between the refund application and blocking of the carry forward input tax credit in the return/cash ledger should be built in GSTN and refund backend processing system. vii) ITC may also accumulate on acc .....

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