CBIC issues Clarification regarding Removal of Restriction of Refund of Accumulated ITC on Fabrics

Aug 27, 2018 | by Avantis RegTech Legal Research Team

The Central Board of Indirect Taxes and Customs (CBIC) has received certain doubts which have been raised regarding the applicability and intent of Notification No 20/2018-Central Tax (Rate) dated July 26, 2018 (which seeks to amend Notification No. 5/2017-Central Tax (Rate) dated June 28, 2017) relating to the provision for lapsing of input tax credit accumulated on account of inverted duty mixture on fabrics for the period up to July 31, 2018.

Therefore, the CBIC, vide Circular No. 56/30/2018-GST, has issued clarification on the matter and also specified the procedure to be followed in case the accumulated input tax credit is lapsed.

[Circular No. 56/30/2018-GST]

URL: http://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_No.56.pdf;jsessionid=2A421D2BCBEA058CB3597EC3AEEA0254


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