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Accumulated ITC lying unutilized in respect of notified goods, on account of inverted duty structure, shall not lapse

August 2, 2019[2019] 108 15 (Gujarat)

GST: In absence of express provision in section 54(3) empowering Central Government to provide for lapsing of unutilised ITC, Notifications and Circulars, prescribing for lapsing of ITC were to be quashed and set aside and assessees would be entitled to unutilised ITC accumulated on account of rate of tax on inputs being higher than rate of tax on output

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