47th GST Council meeting, held in Chandigarh on 28th and 29th June 2022 has come up with the various amendments in relation to the GST refunds. Some of these may be very useful for the taxpayers, however certain taxpayers belonging to the edible oil and coal industry may feel disheartened as they are no longer eligible to avail the GST refund on account of inverted duty structure. Let us have an understanding of all the changes discussed during the meeting:
On 28th June, 2022, Rate rationalization has been discussed with an primary objective to remove the distortions on account of inverted duty structure on the following goods and services:wpDataTable with provided ID not found!
On the second day of the meeting, the following amendments have been proposed:wpDataTable with provided ID not found!
Note: The following circulars shall be issued in order to remove ambiguity and legal disputes:
- Clarification on the issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification
- Clarification on the issues pertaining to refund claimed by the recipients of supplies regarded as deemed export
Trust you find the above useful. Stay tuned for more updates!