Key takeaways from 47th GST Council Meeting

Jun 30, 2022 | News | 0 comments

Here are some key takeaways from the 47th GST Council Meeting

  • Extension in time limitation for filing refunds: Taxpayers eligible to apply for refunds from April 2018 onwards a two-year COVID period from 1st March 2020 to 28th February 2022 are not to be considered
  • Inclusion of amount of unutilized Input tax credit on Input services in the refund calculation on account of Inverted Duty Structure
  • Rate Rationalization to remove inverted duty structure on certain items
  • Refund of accumulated ITC is not to be allowed on edible oils and coal
  • Ease in refund claims for export of electricity
  • Supplies from Duty-Free Shops to be treated as exports, hence they are also eligible to apply for a refund

For more updates, please click here https://www.mygstrefund.com/correction-in-inverted-duty-structure-47th-gst-council-meeting/

 

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