Input tax credit limitation: ITC on specified goods supplied after effective date excluded and unutilised balances lapse. The amendment inserts a proviso excluding input tax credit on specified goods for inward supplies received on or after the effective date, and provides that any unutilised input tax credit remaining after payment of tax for the period up to the cutoff month in respect of inward supplies received on or before the cutoff 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 limitation: ITC on specified goods supplied after effective date excluded and unutilised balances lapse.
The amendment inserts a proviso excluding input tax credit on specified goods for inward supplies received on or after the effective date, and provides that any unutilised input tax credit remaining after payment of tax for the period up to the cutoff month in respect of inward supplies received on or before the cutoff date shall lapse.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.