HC: Issues notice in writ challenging ‘Net ITC’ definition under Rule 89(5)
Bombay HC issues notice in a writ challenging the vires of Rule 89 (5) of CGST Rules, 2017 giving the formula for computation of refund of ITC in case of ‘inverted duty structure’, explanation (a) of which excludes input service credit from definition of ‘Net ITC’; Petitioner contends that same runs contrary to the provisions of Section 54 (3) of the CGST Act, 2017 which entitles the petitioner to claim refund of unutilized...