There are discrepancies between the Invoice Value and value in the shipping bill/bill of export and hence required clarity on which one should be adopted as export value for the purpose of refund.
Ever since the formula has been amended in July 22 for refund of accumulated ITC under Inverted Duty Structure, the scope for obtaining refund has widened and businesses can be benefited by converting the idle credit into cash, thereby contributing towards the working capital requirements.
The new FTP also introduces a one-time Amnesty Scheme for exporters to provide relief to the exporters who were unable to fulfil their Export Obligations against the EPCG and Advance Authorizations, in order to regularise the same.
Refund Sanctioned Vide Order-In-Appeal Cannot Be Ignored By Revenue Solely Because They Intend To Appeal In Tribunal. Delhi High Court Order To Process Refund With Interest.
