CBEC : No unutilised ITC refund against inverted duty structure arising in 'construction services'

CBEC explains refund of unutilised Input Tax Credit (ITC) which may occur in two scenarios – (i) if such credit accumulation is on account of zero rated supplies, or (ii) on account of inverted duty structure, subject to certain exceptions; While refund claim may be filed at the end of any tax period, no refund of unutilised ITC is allowed where goods exported out of India are subjected to export duty or if the supplier of goods and / or services avails drawback in respect ...