GST council declared ITC refund for spinning to weaving to trading from 27 July
what should be treatment for credit lying up to 26 July
can we claim ITC credit as on 26 July for sales onwards
Thanks
Tejas M Gandhi CA
Refund of the accumulated ITC shall be allowed on prospective basis i.e. on the purchases made after the notification.
So credit lying would be considered as expense.
And we can claim ITC credit in respect of purchases made after notification issued
CAclubindia
