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GST - Refund of Input Tax Credit due to Inverted Duty Structure - Construction of metro rail works - Petitioner procured inputs and input services taxed at higher GST rates (18% and 28%) compared to the 12% GST rate applicable on its outward supply of works contract services, resulting in accumulation of ITC - Refund claims under Section 54(3)(ii) of the CGST Act, 2017 - Refund claims were rejected by the Original Authority and Appellate Authority without considering the effect of Notification No.14/2022, dated 5th July 2022 – HELD - The amendment made by Notification No.14/2022 dated 5th July 2022 to Rule 89(5) of the CGST Rules, which modified the formula for calculation of refund of ITC on account of inverted duty structure, is clarificatory and retrospective in nature - The circular issued by the CBIC (Circular No.181/2022 dated 10th November 2022) providing that the amended formula would apply only prospectively from 5th July 2022 is contrary to the purport of the amendment and the intent behind it - The Petitioner's refund claims, which were filed within the prescribed time limit of two years under Section 54(1) of the CGST Act, are required to be considered as per the amended formula under Rule 89(5) as it existed after the amendment made by Notification No.14/2022 dated 5th July 2022 - The impugned orders rejecting the Petitioner's refund claims are quashed, and the Respondents are directed to grant the refund to the Petitioner as per the amended formula under Rule 89(5) – The petition is allowed
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