Refund of input tax credit limited to tax rate on principal input under Section 54(3)(ii) and Circular 135/05/2020

Refund of input tax credit limited to tax rate on principal input under Section 54(3)(ii) and Circular 135/05/2020Case-LawsGSTThe HC held that the refund of input tax credit is limited to the tax rate applicable on the principal input, specifically crude

Refund of input tax credit limited to tax rate on principal input under Section 54(3)(ii) and Circular 135/05/2020
Case-Laws
GST
The HC held that the refund of input tax credit is limited to the tax rate applicable on the principal input, specifically crude sunflower oil. Relying on precedent, the Court affirmed that Circular No. 135/05/2020 applies only where input tax credit accumulation arises from a reduction in tax rates. The Court further concluded that the petitioner is not entit

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