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of <h1>Karnataka Amends GST Act: Input Tax Credit on Certain Goods Not Applicable from August 1, 2018; Unused Credit Lapses.</h1> The Government of Karnataka has amended Notification No. 05/2017 under the Karnataka Goods and Services Tax Act, 2017. Effective from July 27, 2018, the amendment specifies that input tax credit accumulated on supplies received from August 1, 2018, for certain goods listed in the notification, will not be applicable. Additionally, any unutilized input tax credit balance for inward supplies received up to July 31, 2018, will lapse after tax payment for the month of July 2018. The amendment follows recommendations from the Council and is issued by the Finance Department.
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