TMI BlogGST Input CreditX X X X Extracts X X X X X X X X Extracts X X X X ..... A supplier is engaged in business of knitting and fabric manufacture. For supply of fabric the GST output rate is less than input tax paid for inputs. Till 27-07-18 the supplier was taking tax credit of full input tax credit for all inward purchase /services against out tax payable on knitting (labor charge) and fabric sale. As per notification No 20/2018-Central Tax (Rate) dated 26.07. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 date of CGST (Rate) the unutilized input tax on certain inputs for fabric activity available as o 31-08-18 will LAPSE. I am of the opinion that the above notification regarding Lapsing is applicable for limited purpose of claiming refunds only. The supplier concerned is still eligible for taking input credit of balance available as on 31-07-18 against output tax knitting and fabric sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le from 1-08-18 Is my view correct - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = Yes. correct. - Reply By ANITA BHADRA - The Reply = A representation has been given from Northern India Chamber of Commerce Industry to Hon ble Finance Minister ( attached herewith,) by which the chamber has highlighted the issue which shall be faced by the industries due to the lapse of credits on inpu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts against outward supplies of fabric as per Notification 20/2018-Central Tax(rate) dated 26-07-2018 . The content in the representation provides absolute clarity for interpretation and understanding practical aspects of the notification Regards - Reply By PAWAN KUMAR - The Reply = As per this not.no.20/2018 goods mentioned at s.no.1 to 8 in table of not.no.5/2017 , refund of unutili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zed itc accumulated due to inverted tax rate shall be applicable from 1August 2018 and itc accumulated up to 31st July 2018 on such goods shall be lapsed. - Reply By KASTURI SETHI - The Reply = I support the views of the experts. - GST Input Credit - Query Started By: - Ethirajan Parthasarathy Dated:- 3-8-2018 Goods and Services Tax - GST - Got 4 Replies - GST - Discussion Forum - Knowledge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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