Input tax credit transition rule excludes credits on post-cutoff supplies; unutilised pre-cutoff credits lapse after required tax 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 goods at serial numbers 1,2,3,4,5,6,6A,6B,6C and 7; and provides that 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.
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 transition rule excludes credits on post-cutoff supplies; unutilised pre-cutoff credits lapse after required tax 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 goods at serial numbers 1,2,3,4,5,6,6A,6B,6C and 7; and provides that 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.
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 
