Q 286. Can unutilized Input tax credit be allowed as refund?


Ans. Yes, but only in following cases as given in sub-section (2) of section 38:- (i)   Exports of goods on which export duty is not payable; (ii)  Exports of services; (iii) Where credit has accumulated on account of rate of tax on inputs being higher than the rate of taxes on Outputs. [ As per…

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