Detailed Analysis of SC's VKC Footsteps Judgment

Episode Duration:
55 minutes

Episode Background:
The Hon’ble Supreme Court finally put to rest the issue relating to the eligibility of refund of input tax credit on input services, accumulated on account of inverted duty structure. This contentious issue has been under dispute since introduction of GST law. The Hon’ble Court inter alia held that the refund of unutilized input tax credit on Inputs services, accumulated on account of inverted duty structure, is not available in terms of Section 54(3) of the CGST Act read with Rule 89(5) of the CGST Rules. The Hon’ble Supreme Court also urged the GST Council to reconsider the formula given in Rule 89(5) of the CGST Rules by taking a considered view in accordance with law. A detailed analysis of the findings of the Hon’ble Supreme Court’s order and the way-forward shall help businesses to deal with its pending refund claims or refund proceedings pending at various levels.

What shall the episode cover?
Against this backdrop, Taxsutra and Economic Laws Practice (ELP) present an episode on “Detailed analysis of judgment of UOI & Ors. Vs. VKC Footsteps India Pvt. Ltd” [TS-472-SC-2021-GST]. In this episode, ELP Partners Mr. Rohit Jain and Mr. Gopal Mundhra have analysed the findings of this judgment, the reasons for these findings and its practical impact on various sectors and businesses. They have also discussed the opportunities available and steps to be taken by the assessees.