https://www.taxtmi.com/circulars?id=57323 The amendment withdraws the refund bar on accumulated input tax credit for specified fabrics prospectively while directing that accumulated input credit on such fabrics, relating to inward supplies received up to the cutoff date and remaining unutilised after payment of tax for the cutoff month, shall lapse. The lapsing applies only to input credit on goods, excludes input services and capital goods, and uses the statutory refund calculation formula (applied mutatis mutandis) - which excludes zero rated supplies - to determine the amount to be treated as lapsed; taxpayers must self assess and report that amount in their return for the month after the cutoff. en-us Fri, 24 Aug 2018 00:00:00 +0530 Sat, 25 Aug 2018 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=57323 The amendment withdraws the refund bar on accumulated input tax credit for specified fabrics prospectively while directing that accumulated input credit on such fabrics, relating to inward supplies received up to the cutoff date and remaining unutilised after payment of tax for the cutoff month, shall lapse. The lapsing applies only to input credit on goods, excludes input services and capital goods, and uses the statutory refund calculation formula (applied mutatis mutandis) - which excludes zero rated supplies - to determine the amount to be treated as lapsed; taxpayers must self assess and report that amount in their return for the month after the cutoff. Circulars GST Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=57323