Dear Sir, If a company is under Inverted duty structure, and instead of claiming Refund of ITC accumulated due to Inverted duty, CAN THE company claim REFUND Of Unutilised ITC (i.e. ITC Balance in ELectronic Credit Ledger) ? Pls clarify whether there legal bar in this respect or not ??
2) Which of the above method will be beneficial for taxpayer ??
Frah Saeed Answered question May 19, 2020
Only claiming of Refund of ITC accumulated due to Inverted duty is permissible under Sec 54(3)(ii) of the CGST Act, 2017. No other option is available.
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Frah Saeed Answered question May 19, 2020