09 August 2021
I am in an assignment of filling a refund u/s 54. In such assignment, one of the sales includes, penultimate sale. I am getting mix of opinions about the nature of head under which sub section refund will be claimed of accumulated ITC. Can someone provide a good discussion, about whether it would be under: Inverted Tax structure or Deemed Export or Excess ITC refund or Zero- Rated supply or No refund?
09 August 2021
The taxpayers can claim the refund of accumulated ITC in the following situations:
When an inverted tax structure prevails in the business. With respect to the export of goods or services made without a tax payment by reporting the Letter of Undertaking (LUT) or bond. In case of supplies to Special Economic Zone (SEZ) units or developers without a tax payment. In which case of refund you fall.
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