No refund of unutilised input tax credit where input tax rates exceed output rates; applies to specified textiles and rail goods. The Government of Gujarat notifies that no refund of unutilised input tax credit shall be allowed where credit accumulates because input tax rates exceed output tax rates (other than nil or fully exempt supplies). The restriction is applied to specified tariff items comprising woven and knitted textile fabrics and railway rolling stock, parts and track/signalling fixtures, with tariff interpretation governed by the First Schedule to the Customs Tariff Act, 1975, and effective from 1 July 2017.
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Provisions expressly mentioned in the judgment/order text.
No refund of unutilised input tax credit where input tax rates exceed output rates; applies to specified textiles and rail goods.
The Government of Gujarat notifies that no refund of unutilised input tax credit shall be allowed where credit accumulates because input tax rates exceed output tax rates (other than nil or fully exempt supplies). The restriction is applied to specified tariff items comprising woven and knitted textile fabrics and railway rolling stock, parts and track/signalling fixtures, with tariff interpretation governed by the First Schedule to the Customs Tariff Act, 1975, and effective from 1 July 2017.
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