The Central Board of Indirect Taxes and Customs (CBIC) has issued the advisory on the implementation of PMT-03 to re-credit the Input Tax Credit (ITC) sanctioned as a refund.
The Board has highlighted the notification No.16/2020-Central Tax dated March 23, 2020, vide which sub-Rule (4A) has been inserted in Rule 86 of the CGST Rules, 2017 and Para 4 of the Circular No 135/05/2020 dated March 31, 2020, wherein the procedure for refund of tax paid on supplies, other than zero-rated supplies were provided.
Read More: https://www.taxscan.in/gst-cbic-issues-advisory-on-implementation-of-pmt-03-to-re-credit-the-itc-sanctioned-as-refund/111378/
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