Can unutilized Input tax credit be allowed as refund?
Question 2
Bill
Refunds
FAQ on GST dated 21.9.2016 based on Draft Model GST
Q 2. Can unutilized Input tax credit be allowed as refund?
Ans. Yes, but only in following cases as given in sub-section (2) of section 38:-
(i) Exports of goods on which export duty is not payable;
(ii) Exports of services;
(iii) Where credit has accumulated on account of rate of tax on inputs being higher than the rate of taxes on Outputs.
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