Blocking of ITC lapses after one year as per rule 86A(3) of CGST Rules: Madras HC

Tvl.Krishna Impex Vs Commissioner of GST and Central Excise (Madras High Court) Madras High Court held that as per rule 86A(3) of the Central Goods and Services Tax Rules, 2017 [CGST Rules] blocking of input tax credit available in electronic credit ledger lapses after a period of one year from the date of blocking. Facts- The relief sought in the present writ petition is to direct the respondents to unblock the petitioner’s Input Tax Credit (ITC) under the TNGST Act amounting to Rs.11,70,726 and consequently, permit the petitioner to debit the corresponding ITC from its Electronic Credi...