GST Refund Rule 89(5) Amended Retroactively: Gujarat HC

Ascent Meditech Ltd Vs Union of India & Ors. (Gujarat High Court) In a significant ruling for businesses grappling with Goods and Services Tax (GST) refunds under an inverted duty structure, the Gujarat High Court has set aside a Central Board of Indirect Taxes and Customs (CBIC) circular that limited the applicability of an amended refund formula. The court, in the case of Ascent Meditech Ltd. Vs. Union of India & Ors., declared that the amendment to Rule 89(5) of the Central/Gujarat Goods and Services Tax Rules, 2017, is clarificatory and curative in nature, thus having retrospective...