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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 ..... (3) of section 54 of SGST 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) of rule 89 of SGST Rules, 2017 prescribes the formula for grant of refund in cases of inverted duty structure. Vide No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of its powers conferred by section 168 (1) of the Sikkim Goods and Services Tax Act, 2017 (hereinafter referred to as SGST Act ), hereby clarifies the issues as under: S. No. Issue Clarification 1. Whether the formula prescribed under sub-rule (5) of rule 89 of the SGST Rules, 2017 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 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 amendment made vide Notification No. 14/2022-State Tax dated 05.07.2022. 2. W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 supplies). The said notification has come into force with effect from 18.07.2022. The restriction imposed vide Notification No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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