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<h1>No refund of unutilized input tax credit: specified goods excluded where input tax rate exceeds output tax.</h1> The notification disallows refund of unutilized input tax credit for specified goods where input tax rates exceed output tax rates (other than nil-rated or fully exempt supplies). It enumerates by Customs Tariff headings categories including woven and knitted textile fabrics and specified railway locomotives, coaches, wagons, parts, and track fixtures; and directs that First Schedule interpretation rules of the Customs Tariff Act, 1975 apply. The provision is effective from 1 July 2017.
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