https://www.taxtmi.com/circulars?id=57432 Accumulated input tax credit on specified fabrics received on or before 31 July 2018 shall lapse to the extent unutilised after payment of GST for July 2018; the change applies prospectively to supplies received on or after 1 August 2018. The lapsing applies only to ITC on inputs arising from inverted duty structure and excludes ITC on input services, capital goods and zero rated supplies. The amount to lapse is computed using the prescribed formula for inverted duty refunds, allowing exclusion for inputs in closing stock, and must be self-assessed and reported in the taxpayer's return for August 2018 with supporting calculations retained for verification. en-us Wed, 05 Sep 2018 00:00:00 +0530 Wed, 19 Sep 2018 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=57432 Accumulated input tax credit on specified fabrics received on or before 31 July 2018 shall lapse to the extent unutilised after payment of GST for July 2018; the change applies prospectively to supplies received on or after 1 August 2018. The lapsing applies only to ITC on inputs arising from inverted duty structure and excludes ITC on input services, capital goods and zero rated supplies. The amount to lapse is computed using the prescribed formula for inverted duty refunds, allowing exclusion for inputs in closing stock, and must be self-assessed and reported in the taxpayer's return for August 2018 with supporting calculations retained for verification. Circulars GST - States Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=57432