Input tax credit restriction: accumulated credit for specified goods after July faces non application and lapse under the amended notification. The notification amendment inserts a proviso limiting the notification's application to input tax credit for specified goods: input tax credit accumulated on supplies received on or after 1 August 2018 in respect of the listed goods shall not be covered, and any accumulated input tax credit unutilised after payment of tax for and up to July 2018 on inward supplies received up to 31 July 2018 shall lapse; the amendment takes effect from 27 July 2018.
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 restriction: accumulated credit for specified goods after July faces non application and lapse under the amended notification.
The notification amendment inserts a proviso limiting the notification's application to input tax credit for specified goods: input tax credit accumulated on supplies received on or after 1 August 2018 in respect of the listed goods shall not be covered, and any accumulated input tax credit unutilised after payment of tax for and up to July 2018 on inward supplies received up to 31 July 2018 shall lapse; the amendment takes effect from 27 July 2018.
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 
