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ITC Lapse

Faheem Akram (802 Points)

18 September 2018

Please suggest one notification regarding lapse of ITC related textile sector so what to do of that ITC?

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5 Replies

Vinod Araveti (Practicing CA) (1180 Points)
Replied 18 September 2018

Dear Faheem Akram,

Notification no. 20/2018, dt.26/07/2018.

Faheem Akram (802 Points)
Replied 18 September 2018

Ri8….... What to do of that ITC it is available yet now

Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 18 September 2018

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

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Pankaj Rawat (GST Practitioner) (55032 Points)
Replied 18 September 2018

Dear , kindly read the above said circular because , for formula is given for calculation of ITC lapse as per rule 89

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gopikishan kabra (proprietor) (26 Points)
Replied 06 October 2018

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.

Attached File : 2572785 20181006115217 rti.pdf downloaded: 77 times