CBIC notifies procedure for availing refund of GST by unregistered buyers, reversal and re-availment of ITC in case of non payment

In a move that will benefit homebuyers in case of cancelled bookings, the government has notified the procedure for filing of refund of Goods and Services Tax by unregistered buyers in the case of cancellation of agreement for supply of service. The procedure can also be used for refund in case of a cancelled long term insurance policy. This, along with a host of other measures and procedures, has…