Interesting article by Supreme Kothari, on the recent Indian Supreme Court ruling on the constitutionality of non eligibility of refund pertaining to input services, under the inverted duty structure.
The judgment of the Supreme Court in the case of VKC Footsteps, upholds the constitutional validity of Section 54(3) of the CGST Act and Rule 89(5) of the CGST Rules and thus affirms Revenue’s stand that refund of input tax credit (‘ITC’) accumulated on account on inverted duty structure is admissible only in respect of accumulation that arises on account of inputs and does not bring within its fold accumulation on account ITC pertaining to input services.
Source: LinkedIn
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