GJEPC hosted a webinar on 13th October to examine the implications arising out of a Supreme Court decision in the case of VKC Footsteps India Pvt. Ltd., which has held that refund of input services under inverted duty situation would be inadmissible under the GST laws.
The speakers for the session – Nirav Jogani, Director, RSM Astute International Pvt. Ltd., and Supreme Kothari, a tax and legal practitioner – highlighted the impact of the judgment on the diamond segment. They also took the audience through various possibilities and alternatives that the segment is left with post the ruling, including transaction structuring and advocacy efforts. The experts also carried out a threadbare analysis of the judgment and explained in detail the reasoning and logic adopted by the Supreme Court. The discussion also touched upon the recent Group of Ministers (GoM) formed for examining the inverted duty issue across sectors and what it means for the diamond segment.