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What are the circumstances in which refund of input tax credit is permissible?

April 26, 2017circumstances input permissible refund tax credit

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What are the circumstances in which refund of input tax credit is permissible?

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Refund of input tax credit is normally permissible in the case of a zero rated sale. Exports are zero rated sales. The input tax credit liable to the export sales will be eligible for refund. Refund may also arise in case input tax credit exceeds tax liability.