Amendment of section 16

Section 153 of the Finance Act, 2024 (No. 2) deals with amendment of section 16. Amendment of section 16. 153. In section 16 of the Integrated Goods and Services Tax Act,— (a) | in sub-section (4),— (i) | in clause (i), after the words "claim refund of the tax so paid", the words and figures "in accordance with the provisions of section 54 of the Central Goods and Services Tax A The Act was enacted on 16 Aug 2024.

Amendment of section 16.

153. In section 16 of the Integrated Goods and Services Tax Act,—

(a)

in sub-section (4),—

(i)		in clause (i), after the words "claim refund of the tax so paid", the words and figures "in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder" shall be inserted;
(ii)		in clause (ii), for the words "which may be exported on payment of integrated tax and the supplier of such goods or services may claim the refund of tax so paid", the words and figure "or both, on zero rated supply of which, the supplier may pay integrated tax and claim the refund of tax so paid, in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder" shall be substituted;

(b)

after sub-section (4), the following sub-section shall be inserted, namely:—

"(5) Notwithstanding anything contained in sub-sections (3) and (4), no refund of unutilised input tax credit on account of zero rated supply of goods or of integrated tax paid on account of zero rated supply of goods shall be allowed where such zero rated supply of goods are subjected to export duty.".

Section 153, The Finance Act, 2024 (No. 2).