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TMI Blog2020 (2) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... in Notification No. 20/2018-Central Tax (Rate) would mean lapse for refund or lapse for utilization of input tax credit for payment of output tax liability? 2. Advance Ruling under GST means a decision provided by the authority or the appellate authority to an applicant on matters or on questions specified in sub-section (2) of Section 97 or sub-section (1) of Section 100 in relation to the supply of goods or services or both being undertaken or proposed to be undertaken by the applicant. 3. As per the said sub-section (2) of Section 97 of the CGST/SGST Act, 2017 advance ruling can be sought by an applicant in respect of : (a) Classification of any goods or services or both, (b) Applicability of a notification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... summarized as under : (i) Notification No. 5/2017-Central Tax (Rate), is restricting the refund on account of inverted duty structure for some specified products only, while there is no condition to restrict the utilization of input tax credit for payment of output tax liability. (ii) Notification No. 20-Central Tax (Rate), withdraw some goods, as a result refund was available on these goods subject to the condition that in respect of goods, the accumulated input tax credit lying unutilized in balance, after payment of tax for and up to the month of July, 2018 on the inward supplies received up to the 31-7-2018 shall 'lapse'. (iii) Therefore the meaning of word 'lapse' in Notification No. 20-Central Tax (Rate) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of silk or of silk waste 2. 5111 to 5113 Woven fabrics of wool or of animal hair 3. 5208 to 5212 Woven fabrics of cotton 4. 5309 to 5311 Woven fabrics of other vegetable textile fibres, paper yarn 5. 5407, 5408 Woven fabrics of man-made textile materials 6. 5512 to 5516 Woven fabrics of man-made staple fibres 7. 60 Knitted or crocheted fabrics [All goods] 8. 8601 Rail locomotives powered from an external source of electricity or by electric accumulators 9. 8602 Other rail locomotives; locomotive tenders; such as Diesel-electric locomotives, Steam locomotives and tenders thereof 10. 8603 Self-propelled railway or tramway coaches, vans and trucks, other than those of heading 8604 11. 8604 Railway or tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ification No. 5/2017-Central Tax (Rate), dated 28-6-2017 was further amended vide Notification No. 20/2018-Central Tax (Rate), dated 26-7-2018 and the said amendment is reproduced as under : Notification No. 20/2018-Central Tax (Rate) dated 26th July, 2018 G.S.R. (E). - In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 5/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stion in hand, we find that aforesaid notifications had been issued under clause (ii) of the proviso to subsection (3) of Section 54 of the Act. Section 54 of the Act provides for refund of accumulated credit on inputs on account of inverted duty structure, i.e., GST rate on inputs being higher than the GST rates on finished goods. However, proviso (ii) to Section 54(3) provides that in respect of notified goods, the refund of such accumulated input tax credit shall not be allowed. Notification No. 5/2017-Central Tax (Rate), dated 28-6-2017 has been issued in terms of this provision and it inter alia prescribes that refund of accumulated ITC on account of inverted duty structure shall not be allowed in respect of goods mentioned supra. (A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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