9911796707
TMI Blog2023 (7) TMI 527X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 18.07.2022 would be applicable in respect of all refund application filed on or after 18.07.2022 and would not be applied to the refund application filed before 18.07.2022. Thus, it is submitted that the said Circular is against the provisions of law contained in Section 54 of the Act, whereby, the period of two years to file an application for refund is given. Learned Senior Advocate thereafter submitted that no retrospective effect can be given by way of the said Circular to the Notification which is issued by the concerned respondent authority. Learned counsel has also submitted with regard to the doctrine of legitimate expectation and placed reliance upon various decisions rendered by this Court as well as the Hon ble Supreme Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lower rate than the rate of inward supplies. It is submitted that as the applicable rates of GST on inward supplies are higher than applicable rate of GST on outward supplies, there has been accumulation of Input Tax Credit (ITC) in the Electronic Credit Ledger of the company. It is the specific case of the petitioner that petitioner is eligible for refund of the excess credit that has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies as per the provisions of Section 54 of the Act. 3. At this stage, learned Senior Advocate has referred the provisions contained in Section 54 of the Act and submitted that the said section provides for a period of two years to file an application for refund. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the compilation, whereby, it has been now clarified that the restriction imposed by the Notification dated 18.07.2022 would be applicable in respect of all refund application filed on or after 18.07.2022 and would not be applied to the refund application filed before 18.07.2022. Thus, it is submitted that the said Circular is against the provisions of law contained in Section 54 of the Act, whereby, the period of two years to file an application for refund is given. 7. Learned Senior Advocate thereafter submitted that no retrospective effect can be given by way of the said Circular to the Notification which is issued by the concerned respondent authority. Learned counsel has also submitted with regard to the doctrine of legitimate expectat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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