Posted on by Ankur Mishra

Refund and Lapse of Input Tax Credit under Section 54 of CGST Act involving Inverted Duty Structure: Case Comment on Shabnam Petrofils Pvt Ltd v. Union of India

[First Published by Taxmann ] Given the centrality of Input Tax Credit (ITC) in the framework of GST, the issue surrounding lapse of unutilized ITC arising out of inverted duty structure have acquired newfound prominence especially when it involves lapse of accumulated unutilized ITC. Simply put, Inverted Duty structure refers to a scenario wherein the…