Unutilized ITC Refund Cannot Be Denied 🧾

#gst #gstrefund #gstreturnfilingRefund

claim of unutilised ITC cannot be denied merely because business is
closed

Refund
application claiming unutilized ITC lying in electronic credit ledger was rejected - Appellate
Authority upheld said order stating that section 54(3) of CGST Act is applicable only to two
circumstances mentioned in said section and would not extend to refund of unutilized ITC
on account of closure of business - HELD : There is no express prohibition in section 49(6)
read with section 54 and 54(3) of CGST Act for claiming a refund of ITC on closure of unit -
Although section 54(3) deals only with two circumstances where refunds can be made,
however statute also does not provide for retention of tax without authority of law -
Petitioners were entitled to refund of unutilized ITC claimed by them [Section 54, read with
sections 29 and 49, of Central Goods and Services Tax Act, 2017/Sikkim State Goods and
Services Tax Act, 2017 - Rule 5 of CENVAT Credit Rules, 2002]

Disclaimer - This video is only for informational purposes.
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