Case Law Details
BNP Paribas Global Securities Operations Private Ltd. Vs Assistant Commissioner of GST & Central Excise (Madras High Court)
The Madras High Court allowed the benefit of Cenvat refund to the taxpayer as the credit of duty was not able to use after the introduction of the Goods and Services Tax ( GST).
The petitioner, BNP Paribas Global Securities Operations Private Limited, urged that the total value of Input Tax credit which was un-utilized was Rs.6,62,67,726/- which was not taken into GST Account by following the transfer application, and therefore the petitioner was entitled to refund the claim of the amount even though the petitioner could not debit the duty in the ST-3 return in view of the change in the law.
The petitioner submits that Rule 2(h) of Notification No.27/2012-CE(NT) dated June 18, 2012 contemplates the amount that is claimed as refund under Rule 5 of the said Rules shall be debited from the CENVAT credit account at the time of making the refund claim.
He further submitted that these refund claims have been filed in time but after the GST was implemented. For the exports prior to implementation of GST, refund claims were filed within the period of one year from the date of exports in terms of Rule 5 of CENVAT Credit Rules, 2004 read with the above notification.
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Is there any supreme court judgement or any high court judgement regarding refund of unutilized cenvat credit not carried forward in TRAN 1