Input tax credit restriction: accumulated credits on specified goods lapse if unutilised following July compliance and payments. The amendment inserts a proviso excluding application of the notification to input tax credit accumulated on supplies received on or after 1 August 2018 for specified goods listed in the Table, and provides that accumulated input tax credit on inward supplies received up to 31 July 2018 which remains unutilised after payment of tax for and up to July 2018 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 credits on specified goods lapse if unutilised following July compliance and payments.
The amendment inserts a proviso excluding application of the notification to input tax credit accumulated on supplies received on or after 1 August 2018 for specified goods listed in the Table, and provides that accumulated input tax credit on inward supplies received up to 31 July 2018 which remains unutilised after payment of tax for and up to July 2018 shall lapse.
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