Input tax credit exclusion: accumulated ITC on specified goods received after cut off is disallowed and unutilised ITC lapses. The amendment adds a proviso excluding the notification's application to accumulated input tax credit on supplies of certain listed goods received on or after the relevant commencement date, and provides that accumulated input tax credit remaining unutilised after adjustment against tax paid up to the applicable return period for inward supplies received up to the cut off date shall lapse.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Input tax credit exclusion: accumulated ITC on specified goods received after cut off is disallowed and unutilised ITC lapses.
The amendment adds a proviso excluding the notification's application to accumulated input tax credit on supplies of certain listed goods received on or after the relevant commencement date, and provides that accumulated input tax credit remaining unutilised after adjustment against tax paid up to the applicable return period for inward supplies received up to the cut off date shall lapse.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
