Authority and Scope:
Central Government, on Council's recommendation, amends Notification No. 5/2017-Central Tax (Rate).
Provisional Insertion:
New proviso exempts certain goods from input tax credit (ITC) accumulated after August 1, 2018.
Excluded Goods:
ITC lapse applies to goods listed at serial numbers 1-7 of the Table in the notification.
Effective Date:
ITC accumulated on supplies post-August 1, 2018, lapses after July 2018's tax payment.
Issuing Authority:
Signed by Gunjan Kumar Verma, Under Secretary to the Government of India.
Impact on Businesses:
Businesses affected must adjust procurement strategies to avoid ITC loss.
Compliance Reminder:
Businesses urged to review ITC utilization and comply with amended rules.
(Gunjan Kumar Verma) Under Secretary to the Government of India