Goods and Services Tax – Started By: – Ethirajan Parthasarathy – Dated:- 3-8-2018 Last Replied Date:- 7-8-2018 – 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 26.07.2018 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 onl
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =