TMI Blog2020 (2) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 - the proviso has to be read with the principal part of the notification. A comprehensive reading of amended notification makes it clear that the proviso seeks to lapse only such input tax credit which is the subject matter of principal notification, i.e. accumulated credit on account of inverted duty structure in respect of notified goods. Thus in terms of amended notification, the input tax credit on account of inverted duty structure lying in balance after payment of GST for the month of July (on purchases made on or before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the provisions of this Act, (c) Determination of time and value of supply of goods or services or both, (d) Admissibility of input tax credit of tax paid or deemed to have been paid, (e) Determination of the liability to pay tax on any goods or services or both, (f) Whether the applicant is required to be registered? (g) Whether any particular thing done by the applicant with respect to any goods or services or both amounts to or results in a supply of goods or services or both within the meaning of that term? 4. In the present case applicant has sought advance ruling on applicability of notification. Therefore, in terms of said Section 97(2)(b) of CGST/SGST Act, 2017, the present application is hereby admitted. 5. Accordingly opportunity of personal hearing was granted to the applicant on 2-5-2019. Shri Sandeep Kumar Gupta and Vishal Gupta (CA), on behalf of the applicant appeared for personal hearing on the said date. Ms. Preeti Manral, Deputy Commissioner, SGST-Dehradun, concerned officer appointed by the State Authority, also present during the hearing proceedings. 6. From the application submitted by the applicant we find that applicant is re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TABLE S. No. Tariff item, heading, sub-heading or Chapter Description of Goods 1. 5007 Woven fabrics 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 locomot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 018-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, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 677(E), dated the 28th June, 2017, namely In the said notification, in the opening paragraph the following proviso shall be inserted, namely :- Provided that, - (i) nothing contained in this notification shall apply to the input tax credit accumulated on supplies received on or after the 1st day of August, 2018, in respect of goods mentioned at serial numbers 1, 2, 3, 4, 5, 6, 6A, 6B, 6C and 7 of the Table below; and (ii) in respect of said goods, the accumulated input tax credit lying unutilised in balance, after payment of tax for and up to the month of July, 2018, on the inward s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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