https://www.taxtmi.com/article/detailed?id=8187 Notification No. 20/2018 amended the earlier block so that refund of accumulated ITC due to inverted duty structure is allowed for eligible fabric goods from 01.08.2018; Circular No. 56/2018 clarifies that this relief applies to input goods only, while ITC on capital goods, input services and stock-in-trade as on 31.07.2018 may be carried forward. Reversals and calculation for blocked periods must follow Rule 89(5) and Form GST ITC-01, and refunds are subject to the statutory formula limiting refundable Net ITC attributable to inverted-rated supplies less tax payable thereon. en-us Thu, 04 Oct 2018 07:10:40 +0530 Thu, 04 Oct 2018 07:10:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8187 Notification No. 20/2018 amended the earlier block so that refund of accumulated ITC due to inverted duty structure is allowed for eligible fabric goods from 01.08.2018; Circular No. 56/2018 clarifies that this relief applies to input goods only, while ITC on capital goods, input services and stock-in-trade as on 31.07.2018 may be carried forward. Reversals and calculation for blocked periods must follow Rule 89(5) and Form GST ITC-01, and refunds are subject to the statutory formula limiting refundable Net ITC attributable to inverted-rated supplies less tax payable thereon. Articles Goods and Services Tax - GST Thu, 04 Oct 2018 07:10:40 +0530 https://www.taxtmi.com/article/detailed?id=8187