TNVAT : Madras HC directs evaluation of Refund Claims Based on ITC Utilization & Zero Rated Export Documentation

Flow Link Systems Pvt. Ltd. Vs Assistant Commissioner (ST)(FAC) (Madras High Court) Detailed Analysis: Flow Link Systems Pvt. Ltd., a manufacturer and exporter of steel casting and industrial valves, sought a refund of unutilised Input Tax Credit (ITC) under the TNVAT Act. The petitioner claimed ITC on capital goods for its zero-rated exports. However, the refund was rejected based on Circular No.22 of 2011, which was later superseded by Circular No.12 of 2018, allowing such refunds. The court noted that the petitioner made refund claims within the 180-day limit specified in Section 18(3) of t...