Eye Share: Clarification on Refund of ITC –Uniformity or Another Set of Confusion Galore

Refund of Input Tax Credit has been a hot topic not only in the GST regime but also in the erstwhile indirect tax sector in India. The Central Board of Indirect Tax and Customs (CBIC) has recently issued a Circular No.135/05/2020 - GST dated 31st March, 2020, that provides guidelines on refunds of Input Tax Credit (ITC).Mr. Arihant Sipani (Chartered Accountant), the author, throws light on the subject of Input Tax Credit and highlights the issues underlying the...