69. Refunds without carry forward of net negative amounts of money.—

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

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

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

(c) in other cases, the Commissioner is satisfied that the nature of such person’s economic activity (the economic activity to which sub- section (2) of section 68 does not apply), regularly results in excess input tax credits.

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

(a) and if the amount does not exceed taka fifty thousand (50,000.00) only, such amount shall be carried forward as a 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.