Supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed - 05/2017 - Integrated GST (IGST) Rate

Restriction on refund of unutilised input tax credit for specified goods where input tax exceeds output tax, with transitional carve outs.

Restriction on refund of unutilised input tax credit applies to specified goods where input tax on inputs is higher than tax on output supplies; the Table identifies affected tariff items and descriptions, interpretation follows the First Schedule to the Customs Tariff Act, and a transitional proviso excludes certain inward supplies received on or after a transition cutoff while any unutilised accumulated credit up to that cutoff shall lapse.