Input tax credit restriction: accumulated ITC on certain goods for supplies received after specified date excluded and will lapse. The amendment inserts a proviso excluding input tax credit accumulated on supplies received on or after a specified date for a listed group of goods from the notification's application, and provides that accumulated input tax credit balances for those goods, remaining unutilised after payment of tax for and up to a defined prior month on inward supplies received up to the end of that prior month, 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 restriction: accumulated ITC on certain goods for supplies received after specified date excluded and will lapse.
The amendment inserts a proviso excluding input tax credit accumulated on supplies received on or after a specified date for a listed group of goods from the notification's application, and provides that accumulated input tax credit balances for those goods, remaining unutilised after payment of tax for and up to a defined prior month on inward supplies received up to the end of that prior month, 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 
