Major Setback to Those Who have Followed the Judgement of Gujarat High Court in Respect of Inverted Duty Structure As Supreme Court Quashes the Judgement [Read Judgement]

In the case of Union of India & Ors. vs VKC Footsteps India Pvt Ltd, the Supreme Court has quashed the judgement of Gujarat High Court and Upheld the judgement of Madras High Court in respect of Inverted Duty Structure.

Mainly, the judgement has two parts:

(1.) Net ITC means ITC only on Inputs (Goods).

(2.) Para 104 to 111 devoted on Anomalies in Current Refund Scheme & the Supreme Court has suggested that GST Council should take note of the same.

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