Eye Share: Refund Under Inverted Duty Structure and Verdicts

Section 54(3) allows refund of un-utilised Input Tax Credit (ITC) under two circumstances i.e. Zero- rated supplies without payment of Tax and Supplies under Inverted Duty Structure (IDS).Ms. Neha Sethi (Chartered Accountant, Partner, J. Harjai & Associates) in her write-up discusses major issues w.r.t. refund under IDS namely: (i) Whether refund of ITC in case of Zero-rated supplies is admissible, where Integrated Tax has been paid and still IDS is applicable o...