Lakshmikumaran and Sridharan (L&S) is organising a webinar on the recent decision of Supreme Court in case of VKC Footsteps.
Noting certain inequities and anomalies as pointed out by the assessee, the Apex Court has urged the GST Council to reconsider the formula for refund in case of inverted tax structure.
The Court however rejected the plea that such refund should be available on the entirety of the unutilized input tax credit (‘ITC’) including the credit relatable to tax paid on input services.
The Webinar will cover:
- Impact of decision of Supreme Court in VKC Footsteps on avowed objects of GST – Seamless flow of credit, taxes should not be exported, promoting domestic manufacturing
- Other important propositions laid down in the decision having possible impact on pending litigations on other statutory provisions under GST laws and Rules
- Impact of the decision in cases where refund is pending or is already allowed
- Way forward in managing accumulation of credit in light of the observation regarding the anomaly in the formula under Rule 89
- Representations to the GST Council – Data to be collated.
- Comparison of legal position in India with foreign GST legislations
- B. L. Narasimhan, Principal Partner, L&S