CBIC issues clarification regarding removal of restriction of accumulated ITC refund on fabrics

CBIC issues clarification regarding removal of restriction of refund of accumulated input tax credit  (ITC) on fabrics vide Notification No. 20/2018 – Central Tax (Rate) dated July 26, 2018, clarifies that said restriction was applicable only in respect of inputs, and not input services and capital goods; Thus, ITC refundable on account of inverted duty structure in terms of Section 54 of CGST Act for period prior to July 31 but for restriction imposed vide N...