Madras HC admits exporter's writ challenging denial of ITC refund on 'capital goods'

Madras HC admits writ challenging validity of Rule 89(4)(b) to the extent it denies refund of ITC on capital goods used for making zero-rated supplies; Petitioner argues that said Rule which defines ‘Net ITC’ for the purpose of quantum of refund travels beyond the scope of Section 16(3) of IGST Act, 2017 and Section 54(3) of CGST Act, 2017 as it excludes credit taken in respect of capital goods used in the course or furtherance of business; Relying upon SC ruling in Inter...