2019 (1) TMI 358

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....RSHA DEVANI) Mr. Prakash Shah learned advocate with Mr. Dhaval Shah, learned advocate for the petitioner invited the attention of the Court to sub-section (3) of Section 54 of the Central Goods and Services Tax Act, 2017, to submit that the clause (ii) thereof provides that where the credit has accumulated on account of rate of tax on inputs being higher than the rate of tax on output supplies (....

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.... in respect of said goods, the accumulated input tax credit lying unutilized in balance, after payment of tax for and upto the month of July, 2018 on the inward supplies received up to the 31st day of July, 2018 shall lapse. It was submitted that sub-section (3) of section 54 empowers the Government to notify the goods in respect of which the proviso to subsection (3) of section 54 would not apply....