TMI BlogRefund - inverted tax structure - No inherent power can be inferred from the provision of Section 54(3)...Refund - inverted tax structure - No inherent power can be inferred from the provision of Section 54(3) empowering the Central Government to provide for the lapsing of the unutilised ITC accumulated on account of the rate of tax on inputs being higher than the rate of tax on output supplies - Notification No.20/2018-C.T.(Rate) dated 26.07.2018, is ex-facie invalid and liable to be strike down as being without any authority of law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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