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TMI BlogClarification on refund related issuesX X X X Extracts X X X X X X X X Extracts X X X X ..... AR No. GST- 16 /2022 Subject: Clarification on refund related issues-reg. Attention is invited to sub-section (3) of section 54 of KGST Act, 2017, which provides for the refund of unutilized 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168(1) of the Karnataka Goods and Services Tax Act, 2017 (hereinafter referred to as KGST Act ), hereby clarifies the issues as under: S. No. Issue Clarification 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 022. Accordingly. it is clarified that the said amended formula under sub-rule (5) of rule 89 of the KGST Rules, 2017 for calculation of refund of input tax credit on account of inverted duty structure would be applicable in respect of refund applications filed on or after 05.07.2022. The refund applications filed before 05.07.2022 will be dealt as per the formula as it existed before the amendmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst proviso to sub-section (3) of section 54 of the KGST Act, 2017, certain goods falling under chapter 15 and 27 have been specified in respect of which no refund of unutilised input tax credit shall be allowed, where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on the output supplies of such specified goods (other than nil rated or fully exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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