Input tax credit lapse: accumulated credit on specified goods lapses if unutilised after July deadline enforced. The amendment excludes Notification No.5/2017 from applying to input tax credit accumulated on inward supplies of specified goods received on or after 1 August 2018. It also provides that accumulated input tax credit balances for those goods, 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 lapse: accumulated credit on specified goods lapses if unutilised after July deadline enforced.
The amendment excludes Notification No.5/2017 from applying to input tax credit accumulated on inward supplies of specified goods received on or after 1 August 2018. It also provides that accumulated input tax credit balances for those goods, unutilised after payment of tax for and up to July 2018 on inward supplies received up to 31 July 2018, shall lapse.
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