Input tax credit restriction: accumulated credit on specified goods lapses if unutilised after the prescribed cutoff. The amendment excludes application of the notification to input tax credit accumulated on supplies of specified goods received on or after a stated cutoff, and provides that accumulated input tax credit unutilised after utilisation against tax up to the cutoff month, for inward supplies received up to that cutoff date, shall lapse.
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Input tax credit restriction: accumulated credit on specified goods lapses if unutilised after the prescribed cutoff.
The amendment excludes application of the notification to input tax credit accumulated on supplies of specified goods received on or after a stated cutoff, and provides that accumulated input tax credit unutilised after utilisation against tax up to the cutoff month, for inward supplies received up to that cutoff date, shall lapse.
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