Indirect Tax Update No. 25

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The Update covers a recent Supreme Court decision where the Apex Court has affirmed the prospective omission of Rule 96(10) of CGST Rules and the retroactive applicability of the omission to pending proceedings. According to the Supreme Court, omission of Rule 96(10) would apply to every claim pending as on the date of its omission.

Rule 96(10) provided for few restrictions in refund of IGST to exporters.

Elaborately discussing the decision, the Update also provides relevant comments from the LKS GST Team. The Team, in this regard, also highlights various GST refund related issues which industry has been facing.