Refund of Input Tax credit on account of Inverted Duty Structure to Textile sector
Clarification has been brought with respect to provision ITC refund to textile sector and for lapsing of input tax credit accumulated on account of inverted duty structure on fabric for period upto 31st July 2018 as per notification no- 20/2018 dt. 26th July 2018. Following clarification has been provided in circular 56/2018 dated 24th August 2018 In terms of amendment notification, the input tax credit only on account of inverted duty structure lying in the balance after payment of GST for the month of July (on purchase made on or before the 31st July 2018) shall lapse. Determination of ITC amount to be lapse