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Introduction

Inverted duty structure refund has been subject matter of numerous interpretational issues since introduction of this concept in GST law. The Council in its 47^th Meeting tweaked the formula for claiming refund. In this article, an attempt has been made to analyse the application of the amendments made in the [1] formulae prescribed for the calculation of refund of unutilized ITC accumulated due to an inverted rate structure and [2] the impact of the withdrawal of the refund...