TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Goa Government Clarifies ITC Refunds for Fabric; Restrictions Removed, Lapsed ITC Reporting Required for August 2018 GST Returns.</h1> The circular from the Government of Goa clarifies the removal of restrictions on refunds of accumulated Input Tax Credit (ITC) for fabrics due to an inverted duty structure. Effective from August 1, 2018, ITC accumulated on inputs received before this date will lapse after GST payment for July 2018. The circular specifies that this applies only to certain fabric categories and does not affect ITC on input services or capital goods. It outlines the calculation method for lapsed ITC using a prescribed formula and clarifies that ITC on exports and zero-rated supplies will not lapse. Manufacturers must report lapsed ITC in their August 2018 GST returns.
TaxTMI 
TaxTMI 
