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REFUND OF CARRY FORWARD INPUT TAX CREDIT

Para 2 (H) - Draft-Bills-Reports - Business Processes for GST on Refund Process - Report on - Business Processes for GST on Refund Process - [August 2015] - Para 2 (H) - 2(H) : i) As stated earlier, ITC is allowed to remove cascading and under modern .....

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verted Duty Structure i.e. GST on output supplies 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 acc .....

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ons in this regard. iv) Under the proposed GST law, 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 p .....

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nd sales statements filed along with monthly returns. 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 .....

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nd were discussed. It is recommended that the first 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 proc .....

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