Unutilized ITC Refund Valid, Debit Entries Not Mandatory: Madras HC

VSM Weavess India Private Limited Vs Assistant Commissioner (ST) (Madras High Court) Introduction: In a recent verdict, the Madras High Court addressed the case of VSM Weavess India Private Limited versus the Assistant Commissioner (ST). The dispute revolves around the denial of a refund of unutilized Input Tax Credit (ITC) due to alleged deficiencies. The court examined the grounds cited in the deficiency memos and provided significant insights into the interpretation of GST laws. Detailed Analysis: VSM Weavess India, a textile manufacturing company, asserted its eligibility for an ITC refund...