Hearing continues on Day 3 before Madras HC, Revenue to present its argument tomorrow

Madras HC continues hearing on Day 3 in batch of Writ Petitions filed challenging Rule 89(5) of CGST Rules, 2017; Counsel for Petitioner argues that Section 54(3) clearly states the unutilised ITC at the end of the tax period is refundable and stipulation of rate of inputs being higher than rate of output supplies under first proviso to Section 54(3) is only an eligibility condition; Thus, once this eligibility condition is satisfied, the unutilised ITC, i.e., credit on ...