Input tax credit restriction on specified goods: unutilised credit lapses after payment for inward supplies up to July. Amendment renumbers serials and inserts a proviso excluding application of the notification to input tax credit accumulated on supplies received on or after the 1st day of August, 2018, for specified goods; it further provides that any unutilised input tax credit remaining after payment of tax for and up to the month of July, 2018, on inward supplies received up to 31st July 2018 shall lapse. The amendment is effective from 27th July, 2018.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit restriction on specified goods: unutilised credit lapses after payment for inward supplies up to July.
Amendment renumbers serials and inserts a proviso excluding application of the notification to input tax credit accumulated on supplies received on or after the 1st day of August, 2018, for specified goods; it further provides that any unutilised input tax credit remaining after payment of tax for and up to the month of July, 2018, on inward supplies received up to 31st July 2018 shall lapse. The amendment is effective from 27th July, 2018.
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