Refunds To Exporters of Inverted Rated Goods

Refunds under GST are governed by Section 54 of the GST Act. First Proviso to Section 54(3) imposes restriction on claiming Refund of unutilized Input Tax Credit, by specifying that Refund of unutilized ITC can be claimed only in two cases: 1. Zero Rated supplies made without payment of tax, and2. Credit accumulated due to rate of tax on inputs being higher than rate of tax on…