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of <h1>Assam Govt Circular: Refunds on Post-August 2018 Input Tax Credit for Fabrics Allowed; Pre-July ITC Lapses.</h1> The circular issued by the Government of Assam clarifies the removal of restrictions on refunding accumulated Input Tax Credit (ITC) on fabrics due to an inverted duty structure. Effective from August 1, 2018, the notification allows refunds on inputs received post this date while lapsing unutilized ITC accumulated before July 31, 2018. The circular specifies that this change does not affect ITC on input services and capital goods. It provides a formula for calculating lapsed ITC and clarifies that ITC related to exports or zero-rated supplies will not lapse. Taxable persons must report the lapsed ITC in their August 2018 GSTR 3B return.
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