IN GST Refund definition
IN GST Refund means any refund, credit, reimbursement or similar benefit arising under goods and services Taxes imposed by any Government Authority in India to which India Seller is entitled under applicable Law when IN GST Goods are exported, calculated as of immediately prior to the Effective Time; provided, that, for the avoidance of doubt, IN GST Refund shall exclude any refund, credit, reimbursement or similar benefit arising under goods and services Taxes imposed by any Government Authority in India arising from or attributable to the transactions contemplated by this Agreement, if any (excluding those transactions contemplated by Section 7.07).
Examples of IN GST Refund in a sentence
If such matter is not resolved, or is resolved only in part, in Buyer’s favor, Buyer may offset, recoup and retain any IN GST Refund amounts so retained otherwise payable to India Seller, including future IN GST Refunds, unless and until Buyer receives written confirmation from the applicable Government Authority that the relevant IN GST Refunds (or such portion thereof) were properly paid and are not subject to further dispute, challenge, audit or inquiry.
Nothing in this Section 7.07(e) modifies or limits Buyer’s obligations to remit any or all of the IN GST Refund that it actually receives in accordance with and subject to the terms of Section 7.07(b).