Govt. notifies exemption and rationalizes rates, accommodation service taxable basis 'transaction value'

Govt. notifies refund of unutilized credit on account of inverted duty structure in respect of certain specified woven fabrics of silk, cotton, wool w.e.f. August 2018 while balance of unutilized input tax credit (ITC) lying as on July 31, 2018 shall lapse; Notifies exemption in respect of sanitary napkins, coir pith compost and rakhi (other than that of precious or semi-precious material of Chapter 71); Further extends exemption to service of old age homes run by Government ...