9911796707
TMI BlogClarification on refund related issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... input tax credit in cases where credit is accumulated on account of rate of tax of inputs being higher than the rate of tax on output supplies, i. e., on account of inverted duty structure. Sub-rule (5) of rule 89 of the Manipur GST Rules, 2017 prescribes the formula for grant of refund in cases of inverted duty structure. Vide Notification No. 1/2022-State Tax, dated July 7, 2022, amendment has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Services Tax Act, 2017 (hereinafter referred to as "Manipur GST Act"), hereby clarifies the issues as under : Sl. No. Issue Clarification 1. Whether the formula prescribed under sub-rule (5) of rule 89 of the Manipur GST Rules, 2017 for calculation of refund of unutilised input tax credit on account of inverted duty structure, as amended vide Notification No. 1/2022-State Tax (Rules), dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applications filed on or after July 5, 2022. The refund applications filed before July 5, 2022 will be dealt as per the existed before the amendment made vide Notification No. 1/2022-State Tax (Rules), dated July 7, 2022. formula as it 2. Whether the restriction placed on refund of unutilised input tax credit on account of inverted duty structure in case of certain goods falling under Chapters ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gher than the rate of tax on the output supplies of such specified goods (other than nil rated or fully exempt supplies). The said notification has come into force with effect from July 18, 2022. The restriction imposed vide Notification No. 9/2022-State Tax (Rate), dated July 18, 2022 on refund of unutilised input tax credit on account of inverted duty structure in case of specified goods fallin ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
