The Central Board of Indirect Taxes & Customs (“CBIC”) vide its Circular No. 79/53/2018 – GST dated December 31, 2018 which clarified the issues arising in relation to refund in order to ensure uniformity in the implementation of the provisions of law across field formations officer. The Gist of the issues clarified are discussed hereunder in pointer: –
- Physical submission of refund claims with jurisdictional proper officer.
- Calculation of refund amount for claims of refund of accumulated Input Tax Credit (ITC) on account of inverted duty structure.
- Disbursal of refund amounts after sanction.
- Issues related to refund of accumulated Input Tax Credit of Compensation Cess.
- Non-consideration of ITC of GST paid on invoices of earlier tax period availed in subsequent tax period.
- Misinterpretation of the meaning of the term “inputs”.
- Refund of accumulated ITC of input services and capital goods arising on account of inverted duty structure.
The detailed clarification on issues pertaining to refund can be accessed at: http://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular-No-79.pdf;jsessionid=E4DF2B6471387A8FAF7297263E81255F