“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.”.
as this notification acculated unused ITC on fabrics will be lapsed after july return filing.
I want to know weather this notifications is wrong or right
Is
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Notification No. 20/2018-Central Tax (Rate) New Delhi, the 26th July, 2018
Replies (3)
Yes ofcourse it's correct.
means the unutilized ITC till 31/7/2017 will be laps , means from 1/8/2018 you can claim Refund on unutised ITC
Note : Unutised ITC before 31/7/2018 can transfer to P&l account
means the unutilized ITC till 31/7/2017 will be laps , means from 1/8/2018 you can claim Refund on unutised ITC
Note : Unutised ITC before 31/7/2018 can transfer to P&l account
how to transfer unuitised ITc p & l A/c
Pass the JV ,
Expense A/C ... Dr
To input Tax A/c .. Cr
Expense A/C ... Dr
To input Tax A/c .. Cr
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