The ruling in brief
Where manufacturer-exporter of mild steel billets exported goods under LUT without payment of tax causing accumulation of Cess ITC, refund of Net ITC must reflect credit availed and attributable to refund period only, so reversal of earlier period credit subsequently booked could not reduce Net ITC for relevant period, and departmental circular could not override statutory formula
Provisions considered
Section 54 of Central Goods and Services Tax Act, 2017/Jharkhand Goods and Services Tax Act, 2017 - Rule 89 of Central Goods and Services Tax Rules, 2017/Jharkhand Goods and Services Tax Rules, 2017 - Goods and Services Tax (Compensation to States) Act, 2017
This summary is for general information and is not legal advice. Read the full decision and the applicable law before relying on it.