In a major relief, the Gujarat high court has quashed the central government’s notification that input tax credit (ITC), which was in balance and lying unclaimed till July 2018, would lapse.
The Centre had issued a notification to this regard on July 26, 2018 under section 54 of the Central Goods & Service Tax Act. The government’s decision was challenged by one Shabnam Petrofils Pvt Ltd, a company engaged in manufacturing polyester texturized yarn. This litigation was later joined by the Gujarat Weavers’ Welfare Association, which represented 25 associations consisting more than 35,000 registered power loom units employing nearly 4 lakh workers.
In a major relief, the Gujarat high court has quashed the central government’s notification that input tax credit (ITC), which was in balance and lying unclaimed till July 2018, would lapse.
The Centre had issued a notification to this regard on July 26, 2018 under section 54 of the Central Goods & Service Tax Act. The government’s decision was challenged by one Shabnam Petrofils Pvt Ltd, a company engaged in manufacturing polyester texturized yarn. This litigation was later joined by the Gujarat Weavers’ Welfare Association, which represented 25 associations consisting more than 35,000 registered power loom units employing nearly 4 lakh workers.
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