https://www.taxtmi.com/circulars?id=57443 Amendment removes the refund restriction for accumulated input tax credit on specified fabrics for supplies received on or after 1 August 2018, and provides that accumulated ITC on inputs for purchases up to 31 July 2018 which remained unutilised after payment of GST for July 2018 shall lapse. The provision applies only to ITC on inputs arising from an inverted duty structure, excludes ITC on input services and capital goods and excludes zero rated supplies; the amount to lapse is determined by applying the prescribed inverted duty computation. Taxpayers must self assess and disclose the lapsed amount in their August return. en-us Tue, 25 Sep 2018 00:00:00 +0530 Thu, 27 Sep 2018 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=57443 Amendment removes the refund restriction for accumulated input tax credit on specified fabrics for supplies received on or after 1 August 2018, and provides that accumulated ITC on inputs for purchases up to 31 July 2018 which remained unutilised after payment of GST for July 2018 shall lapse. The provision applies only to ITC on inputs arising from an inverted duty structure, excludes ITC on input services and capital goods and excludes zero rated supplies; the amount to lapse is determined by applying the prescribed inverted duty computation. Taxpayers must self assess and disclose the lapsed amount in their August return. Circulars GST - States Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=57443