Page 84 - GSTL_2nd April 2020_Vol 35_Part 1

S10 GST LAW TIMES [ Vol. 35
under any existing law and the balance amount refundable and for
the remaining amount which has been debited from the electronic
credit ledger for making payment of such tax, the proper officer
shall issue FORM GST PMT-03 recrediting the said amount as In-
put Tax Credit in electronic credit ledger.”;
(b) in sub-rule (4), after the words, brackets and figure “amount re-
fundable under sub-rule (1)”, the words, brackets, figure and letter
“or sub-rule (1A)”, shall be inserted;
(c) in sub-rule (5), after the words, brackets and figure “amount re-
fundable under sub-rule (1)”, the words, figures and letter “or sub-
rule (1A)”, shall be inserted.
10. In the said rules, in rule 96, in sub-rule (10), in clause (b) with effect
from the 23rd October, 2017, the following Explanation shall be inserted,
namely, -
“Explanation. - For the purpose of this sub-rule, the benefit of the notifica-
tions mentioned therein shall not be considered to have been availed on-
ly where the registered person has paid Integrated Goods and Services
Tax and Compensation Cess on inputs and has availed exemption of on-
ly Basic Customs Duty (BCD) under the said notifications.”.
11. In the said rules, after rule 96A, the following rule shall be inserted,
namely :-
“96B. Recovery of refund of unutilised input tax credit or integrated
tax paid on export of goods where export proceeds not realised. - (1)
Where any refund of unutilised input tax credit on account of export of
goods or of integrated tax paid on export of goods has been paid to an
applicant but the sale proceeds in respect of such export goods have not
been realised, in full or in part, in India within the period allowed under
the Foreign Exchange Management Act, 1999 (42 of 1999), including any
extension of such period, the person to whom the refund has been made
shall deposit the amount so refunded, to the extent of non-realisation of
sale proceeds, along with applicable interest within thirty days of the ex-
piry of the said period or, as the case may be, the extended period, fail-
ing which the amount refunded shall be recovered in accordance with
the provisions of section 73 or 74 of the Act, as the case may be, as is ap-
plicable for recovery of erroneous refund, along with interest under sec-
tion 50 :
Provided that where sale proceeds, or any part thereof, in respect of such
export goods are not realised by the applicant within the period allowed
under the Foreign Exchange Management Act, 1999 (42 of 1999), but the
Reserve Bank of India writes off the requirement of realisation of sale
proceeds on merits, the refund paid to the applicant shall not be recov-
ered.
(2) Where the sale proceeds are realised by the applicant, in full or part,
after the amount of refund has been recovered from him under
sub-rule (1) and the applicant produces evidence about such realisation
within a period of three months from the date of realisation of sale pro-
ceeds, the amount so recovered shall be refunded by the proper officer,
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