(1) Notwithstanding anything contained in the provisions of section 68, if the amount of money payable by a registered person is negative, such person shall be entitled to a refund of such if the ¹[Commissioner or Director General] is satisfied that,–

(a) 50 (fifty) percent or more of such person’s turnover is or will be derived from zero-rated supply under Chapter III;

(b) 50 (fifty) percent or more of such person’s expenditure on inputs is on imports or acquisitions used in the manufacture of zero-rated supply under Chapter III;

²[(c) the nature of such person’s economic activity (the economic activity to which subsection (2) of section 68 does not apply), regularly results in excess input tax credit ³[or decreasing adjustment];

(d) the supplementary duty paid on inputs at the import stage, in relation to the export of goods by such person, is decreasing adjustable and the supplementary duty chargeable goods are not supplied by such person at the local supply stage.]

(2) When an application, on the terms and in the manner as prescribed under this section, is filed for refund of money,-

(a) if the amount does not exceed taka 50,000.00 (fifty thousand) only, such amount shall be carried forward as decreasing adjustment in the next tax period; or

(b) the Commissioner shall, in other cases, refund the money within 3 (three) months from the date of the application.