Inverted Duty Refund: Rule 89(5) and the Pharma Rate Cut Trap 20 Oct 2026 Arpan Bohra and Co GST Comments Off on Inverted Duty Refund: Rule 89(5) and the Pharma Rate Cut Trap Inverted duty refund under section 54(3)(ii) and Rule 89(5): the formula, input services exclusion, a pharma worked example and 57th Council recommendations.