CBIC allows Refund of accumulated IGST credit on account of inverted duty structure to fabric manufacturers vide Notification No. 21/2018-Integrated Tax (Rate), Dated: 26thJuly, 2018.
Seeks to amend Notification 05/2017-Integrated Tax (Rate),dt. 28-06-2017 to give effect to the recommendations of the GST Council in it’s 28th meeting held on 21.07.2018.
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi
Notification No. 21/2018-Integrated Tax (Rate)
Dated: 26th July, 2018
G.S.R. 698(E).- In exercise of the powers conferred by clause (ii) of the proviso to sub-section (3) of section 54 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017) the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Notification 05/2017-Integrated Tax (Rate),dt. 28-06-2017 , published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 670(E), dated the 28th June, 2017, namely:-
In the said notification, in the opening paragraph the following proviso shall be inserted, namely:-
“Provided that,-
(i) nothing contained in this notification shall apply to the input tax credit accumulated on supplies received on or after the 1st day of August, 2018, in respect of goods mentioned at serial numbers 1, 2, 3, 4, 5, 6, 6A, 6B, 6C and 7 of the Table below; and
(ii) in respect of said goods, the accumulated input tax credit lying unutilised in balance, after payment of tax for and upto the month of July, 2018, on the inward supplies received up to the 31st day of July 2018, shall lapse.”.
[F.No.354/255/2018-TRU]
(Gunjan Kumar Verma)
Under Secretary to the Government of India
Note: – The principal notification No.5/2017-Integrated Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 670(E), dated the 28th June, 2017 and last amended vide notification No. 46/2017-Integrated Tax (Rate) dated 14th November, 2017 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1395 (E), dated the 14th November, 2017.
Does this also includes Credit on Stocks as on 31st July 2019?
becoz (ii) points says unutilised credit shall lapse on 31st July 2018.
can we assume that Credit can be carried forwarded on Closing stocks as on 31st July of unsold Stock?
If you can reply to this it will be appreaciated