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of <h1>Clarification on ITC Refunds for Fabrics: Restrictions Lifted, Unutilized ITC Lapses by July 31, 2018, Per Notification 5/2017.</h1> The circular clarifies the removal of restrictions on the refund of accumulated Input Tax Credit (ITC) on fabrics due to an inverted duty structure, effective from August 1, 2018. It explains that the accumulated ITC on inputs for fabrics, as per notification No. 5/2017, will lapse if unutilized by July 31, 2018. This lapse does not apply to ITC on input services or capital goods. The circular provides a formula for calculating the lapsed ITC and ensures that ITC related to exports and zero-rated supplies will not lapse. Taxable persons must report the lapsed ITC in their August 2018 GSTR 3B return.
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