Goods and Services Tax – Started By: – Gopikishan Kabra – Dated:- 13-10-2018 Last Replied Date:- 15-10-2018 – PLEASE ADVICE SHOULD WE FILE WRIT PETITION AGAINST LAPSE GST NOTIFICATION ON FOLLOWING POINTS. 1. THE NOTIFICATION IS ON RECOMMENDATION OF GST COUNCIL BUT IN THE MINUTES OF GST COUNCIL THERE IS NO ANY RECOMMENDATION TO LAPSE THE ITC. 2.THE SURPLUS ITC IS OUR CURRENT ASSETS AND PART OF OUR WORKING CAPITAL .WE HAVE PAID VALUE IN CASH FOR IT AND IN CONSIDERATION OF IT RIGHT TO UTILIZE THE SAME IN FUTURE WAS GRANTED BY THE ACT AND ITC IS ACCUMULATED WITH RIGHTS TO UTILIZE IN FUTURE HENCE IT MAY NOT BE FORFEITED. 3.THERE IS HUGE DIFFERENCE IN LAPSE AND TO BLOCK FOR REFUND SO IT MAY NOT BE LAPSE UNDER INHERENTLY POWERS OF SECTION 54. IT
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