Businesses can claim GST refund for services, goods contract cancellations

With aviation and hospitality sectors seeing mass cancellation of bookings following the coronavirus outbreak, the Central Board of Indirect Taxes and Customs (CBIC) has allowed businesses to claim a refund of GST in cases where the invoice was generated ,but was subsequently cancelled, PTI reported.

The CBIC issued a set of clarifications in view of certain challenges being faced by taxpayers in adhering to the compliance requirements following the coronavirus outbreak.

Clarifying on the issue of advance received by a supplier and the invoice generated for a service contract which got cancelled, the CBIC said, "in cases where there is