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The Saga of Refund of Input Services vis-à-vis Inverted Duty Structure - Supreme Court Decision in VKC Footsteps India
The recent judgment of Honourable Supreme Court in the matter of Union of India vs. VKC Footsteps India Private Limited[1] is a bitter pill but much needed one. The said judgment serves as a foundation for the future of the goods and service tax litigation in the country. The much hyped belief ‘one nation, one tax’ needed a jolt and the same was served by the Honourable Supreme Court. In this piece, we would provide a detailed analysis of the issue, the history before the matter reached to Supreme Court, the verdict of Supreme Court and conclude the piece by contributing our view and the impact of the said judgment on the future cases.