SC: Stays Gujarat HC order quashing restriction on accumulated ITC refund to textile industry

SC issues notice, grants interim stay on Gujarat HC order setting aside the restriction imposed in relation to refund of accumulated input tax credit (ITC) on account of inverted duty structure on textile and textile articles; HC had quashed Notification No. 20/2018 dated July 26, 2018 and Circular No.56/30/2018-GST dated August 24, 2018 to the extent it provides for lapsing of ITC balance on the date of implementation of the Notification; SC issues notice pursuant to the Rev...