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ITC Lapse
Please suggest one notification regarding lapse of ITC related textile sector so what to do of that ITC?
Replies (5)
Dear Faheem Akram,
Notification no. 20/2018, dt.26/07/2018.
Ri8….... What to do of that ITC it is available yet now
Kindly refer circular 56/30/2018 Dt.24/08 2018
S.no.14 , Have to Show lapse ITC amount (upto 31/07/2018) in 3b under table 4(B) (2) (Reversal others)
so for more detail kindly refer above said circular
S.no.14 , Have to Show lapse ITC amount (upto 31/07/2018) in 3b under table 4(B) (2) (Reversal others)
so for more detail kindly refer above said circular
Dear , kindly read the above said circular because , for formula is given for calculation of ITC lapse as per rule 89
THE NOTIFICATION 20/2018 IS BEYOND THE POWERS I HAVE FILLED RTI APPLICATION FOR IT , COPY OF THE SAME ENCLOSSED HEREWITH.
WE HAVE PAID VALUE IN CASH FOR SURPLUS GST AND IN CONSIDERATION OF IT THE ACT PROVIDE US RIGHT TO UTILISE THE SAME FOR OUR TAX LIABILITIES IN FUTURE. AS PER MINUTES OF GST COUNCIL MEETING GST IS NOT LAPSED AND THERE IS NO ANY SECTION WHICH EMPOWER TO LAPSE ANY KIND OF GST.
KEEP PATIENCE AS REFUND IS ALLOWED IT WILL BE EASY TO UTILISE THE ACCUMULATED ITC.
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