CGST Act not provides for Lapse of ITC for inverted rate structure: HC

Shabnam Petrofils Pvt. Ltd. Vs Union of India (Gujarat High Court) Honourable Gujarat High Court In a landmark judgement which will benefit entire Textile Weaving Industry  of India has struck down the second clause of Notification No 20/2018 due to which now the Weavers Are Not Required To Lapse ITC. In this case The challenge was essentially on the following grounds: (i) The Respondents have no power under Section 54(3) of the CGS’T Act to lapse the accumulated ITC lying unutilised in balance on 31.07.2018. (ii) The only power conferred upon the Respondents under Section 54(3) of the CG...