Rule 89(5) GST Refund Formula Changed w.e.f 01.07.2017
Rule 95 of CGST Rules 2017 explain Refund of tax to certain persons i.e Any person eligible to claim refund of tax paid by him on his inward supplies as per notification issued under section 55 of CGST Act 2017
Rule 95 (3) of CGST Rules 2017 says
(3) The refund of tax paid by the applicant shall be available if—
| (a) | the inward supplies of goods or services or both were received from a registered person against a tax invoice [ *** ]; |
Note: Words “and the price of the supply covered under a single tax invoice exceeds five thousand rupees, excluding tax paid, if any” omitted by the Central Goods and Services Tax (Fourteenth Amendment) Rules, 2017, w.e.f. 29-12-2017.
As per Notification No 26/2018 Central Tax Dated 13.06.2018 : CGST (Fifth Amendment) Rules 2018
with effect from 01st July, 2017, in rule 95, in sub-rule (3), for clause (a), the following shall be substituted, namely:-
“(a) the inward supplies of goods or services or both were received from a registered person against a tax invoice;”;
Comment : Thus Rule 95(3)(a) of CGST Rules is Changed w.e.f 01.07.2017 and not w.e.f 29.12.2017