The Central Government vide notification dated 21st December, 2021 has appointed the 1st day of January, 2022, as the date on which the provisions of sections 108, 109 and 113 to 122 of the Finance Act, 2021 shall come into force.
The section amends the CGST Act to the following effect:
A registered person under CGST Act making zero rated supply shall be eligible to claim refund of unutilised input tax credit on supply of goods or services or both, without payment of integrated tax, under bond or Letter of Undertaking, in accordance with the provisions of section 54 of the Central Goods and Services Tax Act or the rules made thereunder, subject to such conditions, safeguards and procedure as may be prescribed:
Provided that the registered person making zero rated supply of goods shall, in case of non-realisation of sale
proceeds, be liable to deposit the refund so received along with the applicable interest under section 50 of the Central Goods and Services Tax Act within thirty days after the expiry of the time limit prescribed under the Foreign Exchange Management Act, 1999 for receipt of foreign exchange remittances, in such manner as may be prescribed.
