https://www.taxtmi.com/circulars?id=61179 Amendment removes refund bar for accumulated Input Tax Credit on listed fabrics prospectively from 1 August 2018 and provides that accumulated ITC on inputs for inward supplies up to 31 July 2018 shall lapse to the extent unutilised after payment of GST for July 2018. Lapsing is confined to input-credit arising from inverted duty structure and excludes ITC on input services, capital goods and zero-rated supplies. The amount to lapse is to be computed using the prescribed refund-calculation formula applied mutatis mutandis; taxable persons must self-assess and report the lapsed amount in their GSTR-3B for August 2018 and retain supporting calculations for verification. en-us Fri, 31 Aug 2018 00:00:00 +0530 Tue, 28 May 2019 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=61179 Amendment removes refund bar for accumulated Input Tax Credit on listed fabrics prospectively from 1 August 2018 and provides that accumulated ITC on inputs for inward supplies up to 31 July 2018 shall lapse to the extent unutilised after payment of GST for July 2018. Lapsing is confined to input-credit arising from inverted duty structure and excludes ITC on input services, capital goods and zero-rated supplies. The amount to lapse is to be computed using the prescribed refund-calculation formula applied mutatis mutandis; taxable persons must self-assess and report the lapsed amount in their GSTR-3B for August 2018 and retain supporting calculations for verification. Circulars GST - States Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/circulars?id=61179