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of <h1>Himachal Pradesh: ITC Refund Restrictions Lifted for Fabrics; Pre-Aug 2018 Credits to Lapse, Exports Exempt.</h1> The circular from the Himachal Pradesh Excise and Taxation Department addresses the removal of restrictions on refunds of accumulated Input Tax Credit (ITC) on fabrics due to an inverted duty structure. It clarifies that, effective August 1, 2018, ITC accumulated on inputs before July 31, 2018, will lapse, except for input services and capital goods. The calculation method for determining the lapsed ITC, specifying that credits related to exports and zero-rated supplies will not lapse. Taxable persons must report the lapsed ITC in their August 2018 GSTR 3B return, with verification during the first refund claim process.
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